University of Maine, Bangor, hired hedge funds-of-funds manager Lighthouse Partners to run $15 million for the university’s managed investment pool of six endowment funds and $1.8 million for its defined benefit plan.
The managed investment pool has $271 million in assets and the defined benefit plan, $40 million.
The university’s investment committee voted May 27 to hire Lighthouse following the termination of previous manager Cube Capital earlier in the month, said Tracy Elliott, director of finance and controller, in an e-mail.
Investment consultant NEPC had recommended the termination, saying in a memo that withdrawals of more than $400 million in assets — out of a previous total of $1 billion — from high-net-worth and family office clients was “activity (that) threatens the financial viability of the firm.”
NEPC conducted an invitation-only search. ABS Investment Management was the other finalist.