George Washington University, Washington, is looking for an outside firm to manage its $1.4 billion endowment.
A recorded message heard when a call was placed to the investment office said the office is “in transition” and is seeking proposals from investment firms to manage the endowment. “After the transition, the investment office will report to the deputy executive vice president and treasurer, and will manage the relationship with an external firm, and continue to provide endowment audit management,” the recording said.
“The university decided that the best option for managing the investment of its growing endowment is to take advantage of the broad expertise and experience that an investment firm can offer,” GWU spokeswoman Maralee Csellar said in an e-mailed response to questions.
Chief Investment Officer Don Lindsey, who “has served the university well,” will pursue other opportunities after helping to manage the transition, which should be complete by the end of the fiscal year on June 30, she said. Two of the nine investment office employees will stay on to manage the relationship with the outside firm and one employee will work in another division, Ms. Csellar said.