University of California, Oakland, plans to overhaul the investment structure and options for its $9.4 billion in defined contribution assets. The revamp stems from last year's selection of Fidelity Investments Institutional Operations as a master record keeper for the plans. Participants will be able to manage their investments on a single platform, and online financial planning and asset allocation tools may be offered, according to a memo to the University of California Regents.
Under a proposal adopted March 17, Treasurer Dave Russ will develop asset classes and core funds after consulting with a new advisory committee and university groups. The memo suggests the treasurer may choose a consultant to assist in the process.
Currently, participants may choose among six funds. The biggest is an equity fund, with $3.8 billion as of Dec. 31, of which $3.1 billion was invested in a Russell 3000 tobacco-free index fund. Of the balance, $509 million was invested in a passive EAFE fund, $77 million in emerging markets stock, $90 million in private equity and $2 million in cash.
In addition, there is a $1 billion bond fund; a $80 million TIPS fund; a $838 million balanced growth fund; a $3 billion savings fund; and a $652 million stable value fund, according to a memo detailing university endowment and retirement fund performance.
Sue Morris, university spokeswoman, declined to provide additional details.
