Health Care Foundation of Greater Kansas City hired Parametric Clifton to run a $17 million low-volatility equity portfolio, said Rick Zimmer, the foundation’s chief financial officer.
The $538 million foundation, based in Kansas City, Mo., hired the firm for its Defensive Equity Fund, which is a “low-volatility ‘rules-based’ mechanical process to capture the insurance risk premium,” the board minutes said.
Parametric Clifton replaces Mellon Capital Management, which was terminated for underperformance. The manager ran $17 million in its Global Alpha II commingled fund for the foundation, a long/short fund that takes positions globally in equity, bonds and currency.
Mellon spokesman Mike Dunn said the firm does not comment on client decisions.
Investment consultant Hewitt EnnisKnupp assisted.
