Russian International Olympic University, Moscow, hired VTB Capital Asset Management to manage a newly created endowment fund, created by gifts from donors to support the development of the academic institution, a statement on the university's website said.
The endowed assets are spent on the university's ongoing operations, the statement said.
“Endowments are the major funding sources for implementing educational, research, publishing and scholarship programs at the world's leading universities,” said Lev Belousov, RIOU rector professor, in the statement.
VTB Capital Asset Management said in a separate news release that it already manages 10 Russian endowment funds worth more than 3.4 billion rubles ($100 million), representing about 12% of that market.
Spokesmen for RIOU did not respond to requests for comment by press time.