Toronto Community Foundation hired Open Access to manage about C$200 million (US$199 million) of the foundation's C$225 million in assets, confirmed Rahul Bhardwaj, president and CEO.
The foundation should have a new investment policy by the end of September. Mr. Bhardwaj said it is “early to say” what kind of asset classes Open Access will manage under the revised strategy.
We are in the process of revising our investment policy … and Open Access was better aligned with the direction we're going,” Mr. Bhardwaj said in a telephone interview. Open Access will assist in revising the policy.
An RFP was issued in October. Incumbent i3 Advisors rebid.