The Art Institute of Chicago hired Cambridge Associates as consultant for its $650 million in endowment and pension assets, replacing Kennedy Capital Advisors, according to an Art Institute news release. Howard Small, principal at Kennedy, said the institute notified his firm a few weeks ago that it would be making a change. Kennedy had been the Art Institutes consultant for "in excess of 20 years, Mr. Small said.
In December, the Art Institute filed a lawsuit against hedge fund manager Integral Investment Management, claiming it lost at least half of its $43 million investment with the firm, including 90% of $23 million in one of two Integral funds. Integral denies it did anything improper. Working with Kennedy, the institute had put close to 60% of all its investments in hedge funds, including 6% of assets with Integral.