Presbyterian Foundation, Jeffersonville, Ind., hired Cambridge Associates to oversee investment of the foundation's $1 billion in assets, including $650 million in endowment funds, confirmed Anita Clemons, the foundation's investment relationship officer.
It is the first time the foundation has outsourced its entire investment portfolio.
Internal staff and the foundation's investment committee had handled manager selection, due diligence and monitoring the investment portfolio. Now, the investment committee will work closely with Cambridge, focusing on investment policy and asset allocation.
Cambridge “will do it all for us,” Ms. Clemons said in a telephone interview. “We expect, over the course of next year, we will see different types of asset classes increase and (allocations) to alternatives increase.”
Ms. Clemons said the foundation went to an outsourced model to access more resources, reduce volatility and help deal with an increasingly complex financial marketplace. She added a big attraction about Cambridge was its commitment to socially responsible investing.
All existing managers are being evaluated by Cambridge.
An RFP was issued last spring.