Virginia School for the Deaf and the Blind, Staunton, is searching for a “full-service” money manager to manage its $3.8 million foundation, confirmed Michael Cathey, board member.
The foundation is looking for a manager that will execute trades, and provide custodial services and investment advice to the board, Mr. Cathey said in a telephone interview.
Incumbent Davenport & Co. can rebid.
The selected firm is expected to develop an investment policy statement and investment portfolio compatible with the foundation's investment objectives and risk profile. Mr. Cathey said about 75% of the foundation's assets are in equities with the rest in fixed income and cash.
Proposals are due Aug. 10; up to three firms will be selected to make presentations to the board. A hiring decision is expected in early September.
The RFP is available on the school's website.