Ball State University Foundation, Muncie, Ind., hired Hammond Associates as investment consultant, said David Bahlmann, president and CEO. Hammond replaced DeMarche Associates, Mr. Bahlmann said. The $133 million foundation used to work with Jeff Hoffman, former DeMarche managing director, who will now devote himself full-time to his work as founder of Index Capital Management, Mr. Bahlmann said. Mr. Hoffman assisted the foundation with the search. Hammond will review the foundation's current asset allocation of 75% equity, 25% fixed income, Mr. Bahlmann said. No time frame has been set for completing that process.