Mercy Health System, Cincinnati, hired Walter Scott & Partners to manage 10% of its $400 million capital improvement fund in international equities, said Thomas Steele, director, cash and investments. While originally looking for a commingled fund, the amount grew enough to accommodate a separate account, he said. Mercy Health will move the assets to Walter Scott quarterly until the mandate is funded, Mr. Steele said.
The hiring ends a series of searches that resulted from an asset allocation study. Watson Wyatt assisted with the search.