Ball State University Foundation, Muncie, Ind., plans to conduct an asset allocation study following a selection of a new investment consultant, said David Bahlmann, president and CEO. The study should be completed in the first quarter. Investment officials are interested in adding a new hedge fund allocation, he said. The $115 million foundation's current asset allocation is 75% equity, 25% fixed income.
The fund's current consultant, DeMarche Associates, is being terminated because consultant Jeff Hoffman, former DeMarche managing director and founder of Index Capital Management, will no longer be able to provide independent services to the fund, Mr. Bahlmann said. Mr. Hoffman is assisting with the shortlist search, and a selection may be made at the investment committee's Nov. 21 meeting.