University of North Carolina at Chapel Hill terminated Lynch & Mayer, which managed $40 million in a midcap fund, because of turnover in personnel at the company, said Mark Yusko, CIO at the $750 million endowment fund. Lynch & Mayer did not return calls by press time.
The money has been reallocated, with $20 million going to the Maverick Fund, an opportunistic equity fund; $15 million to City of London, an emerging markets strategy; and $5 million to fund private equity drawdowns.
Separately, UNC has hired Mike Hennessy as a portfolio strategist and senior director, a new position. Mr. Hennessy previously was the director of public investments at Duke University's endowment fund. He has been replaced there by Jonathan D. Scanlon, who was a financial analyst and external liaison at Merck & Co.