The Economic Development Generating Excellence Research Endowment, Oklahoma City, will search for a consultant and investment managers in the coming months, said James Wilbanks, director of revenue and fiscal policy for state Treasurer Scott Meacham. Mr. Meacham will be chairman of the investment board of the new fund, which was created in June. The fund will invest money to help fund research and education projects in the state.
The state Legislature voted earlier this summer to give $150 million to the endowment as seed money for state and private investments that aim to boost assets to $1 billion, Mr. Wilbanks said. State officials will appoint five investment board members in November, after which the board will begin working on the searches.
Separately, the Oklahoma Tobacco Settlement Endowment Trust Fund, Oklahoma City, rehired New England Pension Consultants, pending contract negotiations, confirmed Mr. Wilbanks. Mr. Meacham chairs the $300 million endowment. An RFP was issued last spring as part of its due diligence after having been with NEPC for five years, he said. The consultant's original contract was set to expire Nov. 30.