University of Utah, Salt Lake City, hired Fund Evaluation Group as general investment consultant for its approximately $1 billion endowment, said Jonathan Shear, chief investment officer and associate vice president for investment and treasury.
An RFP was issued in November because the university felt it was “prudent” to periodically put the services out to bid and “check and compare the current service offerings and fees, etc.,” Mr. Shear said. The university’s investment committee also wanted to review its asset allocation.
LCG Associates had served as the endowment’s general investment consultant since 2004 and did rebid. “At the end of the day, (the university) felt FEG was the best fit,” Mr. Shear said.
An asset allocation review could be conducted in May or June, he added. Any changes to the manager lineup, however, may not been seen until the fall.
The endowment has a current asset allocation of 49% global public equities; 29% global fixed income; 8% hedge funds; 3% each to private equity, venture capital, private real estate and natural resources combined, and cash; and 2% “other non-marketable investments.”
Albourne will remain as the endowment’s hedge fund consultant, Mr. Shear said.
