Town of South Kingstown, Wakefield, R.I., is searching for a discretionary investment manager to run the South Kingstown School Funds, which are made up of nine education-related endowment funds.
The incumbent is Bank of America U.S. Trust's Philanthropic Solutions division. Bank of America is getting out of this type of service, said Patricia Sunderland, town finance director.
The selected firm will have discretion over the investment of the assets based on guidelines in the investment policy. An investment committee reviews the status of the funds and management decisions annually, Ms. Sunderland said.
The endowments have a combined $15 million in assets. The current asset allocation is 42.5% domestic equity, 36.5% fixed income, 14% international equity and 7% alternatives.
The RFP is available on the town's website. Proposals are due at 10 a.m. EDT Aug. 13. A hiring decision is expected on Sept. 9.