Carl Sandburg College, Galesburg, Ill., is searching for an investment consultant that could also serve as manager of the college's $16.2 million investment portfolio, confirmed Lisa Blake, chief financial officer/treasurer.
The investment portfolio consists of the $9.5 million strategic technology endowment fund, $4.2 million insurance reserve and $2.5 million in working cash.
“We had a long-standing relationship with ABN-AMRO that became part of Merrill Lynch,” Ms. Blake said in an e-mail. “Merrill Lynch decided to no longer hold public funds. Investments were moved to BMO Harris until the RFP process can be completed.”
Whether the consultant will manage the college's portfolio will depend on the service costs, Ms. Blake said.
The RFP is available on the college's website. Proposals are due at 2 p.m. CDT July 9. A hiring decision could be made on July 25.