Wayne State University Foundation, Detroit, will conduct an asset allocation study of its $150 million endowment, said David P. Harmon, assistant director of endowment management. Ennis Knupp, the endowments new consultant, will advise. A deadline has not been determined.
Ennis Knupp replaces Evaluation Associates. Plan officials felt another firm would be better suited to oversee the newly created foundation, which includes the endowment plan, Mr. Harmon said.
The current allocation is 70% equity and 30% fixed income.