The University of Cincinnati is conducting an asset allocation review that could result in an overhaul of the $1 billion endowment, said Gerald A. Siegart, assistant vice president. There is no timeframe for completion.
The review was prompted by the school's recent hiring of Thomas D. Croft, former managing director and CIO of fixed income at DuPont Capital, as its first CIO. DuPont Capital is the investment management subsidiary of E.I. du Pont de Nemours & Co. and oversees the company's $18.25 billion in pension assets.
The board of directors had overseen investments for the endowment. "We had been managing the investments by committee, and it got to the point where there are a lot of complex investments and we needed someone full time," said Mr. Siegart. "Tom is going to really take an in-depth look at all of our investments and see what needs to be added or changed, including our alternative investment portfolio."
Tara Condon-Tullier, a DuPont Capital spokeswoman, and Valerie Sill, DuPont Capital's president and CEO, did not return calls by press time regarding Mr. Croft's replacement.
The endowment's current asset allocation is 43% equities; 26% fixed income; 25% alternatives, including hedge funds, real estate and private equity; and 6% cash.