San Jacinto College, Pasadena, Texas, is searching for a discretionary investment manager for the $6.5 million San Jacinto Community College District Foundation and the college's operating funds, confirmed Ruth Keenan, executive director for advancement at the foundation.
Ms. Keenan declined to name the current manager, but said the firm is invited to rebid and has been the foundation's manager for the last 16 years. The contract is for two years, with three additional one-year renewal options, starting Jan. 1.
The selected firm will have discretion over the hiring and firing of managers, but needs investment committee approval. The committee also approves any changes to the asset allocation.
The college is looking for a firm to manage the portfolios of the foundation and the college, which have a combined $90 million in assets. The investment accounts should not be commingled, according to the RFP.
The RFP is available on the Texas state procurement website at http://esbd.cpa.state.tx.us/docs/J1017/102641_1.pdf. Proposals are due at 2 p.m. CDT Oct. 16. Finalists will present to the board on Nov. 1, with a hiring decision expected on Dec. 11.