Town of South Kingstown, Wakefield, R.I., hired Webster Bank as discretionary investment manager to run the South Kingstown School Funds, which are made up of nine education-related endowment funds, confirmed Katie Minahan, senior account clerk for the town.
Bank of America U.S. Trust's Philanthropic Solutions division was the previous manager, but is getting out of that type of service, said Patricia Sunderland, town finance director, in July when the RFP was issued.
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.
