University of Montana Foundation, Missoula, hired Calipur Consulting Associates as its first consultant, said Ted Delaney, vice president of operations. The $71 million foundation has all of its assets in various Vanguard passive index accounts, and did not use a consultant, he said. Calipur will conduct an asset allocation study and present its conclusions in September, he said. The plan likely will shift some assets to active management, he said.
Mr. Delaney would not provide further details.