University of Illinois taps Fund Evaluation Group as new consultant

University of Illinois, Urbana-Champaign, hired Fund Evaluation Group as investment consultant for its $2.4 billion portfolio comprising endowment and operating funds, said Peter J. Newman Jr., associate vice president of treasury operations at the university.

An RFP was issued in October due to the expiring contract of incumbent consultant Aon Hewitt Investment Consulting, which ends in June. Fund Evaluation Group starts July 1.

Steve Rotello, a purchasing officer in the state's higher education procurement office, which helped coordinate the search, could not immediately be reached for information on whether Aon Hewitt rebid.

At the time the RFP was issued, the university's $622 million endowment had a target asset allocation of roughly 24% global equity, 20% fixed income, 14% U.S. equity, 10% each international equity and hedge funds, 8% private equity, and 7% each farmland and core real estate.

The University of Illinois Foundation, Urbana, administers its own endowment.