Ball State University Foundation, Muncie, Ind., hired Agility, an investment outsourcing business of Perella Weinberg Partners, to manage its $160 million endowment, confirmed Thomas Heck, chief investment officer of the foundation.
It is the first time the foundation has outsourced its investment management, according to Mr. Heck, who will remain CIO. “We’re too small to acquire resources under me, so we’re contracting it out,” he said said in a telephone interview.
Agility’s contract began on July 1, the beginning of the foundation’s fiscal year.
Mercer had been the foundation’s investment consultant but was terminated when the foundation hired Agility.