University of Edinburgh Endowment Fund, Edinburgh, hired Kames Capital to run a £44 million ($68.2 million) global high-yield bond allocation, said a spokesman for the university.
The £300 million fund is the third-largest educational endowment fund in the U.K.
The spokesman said Kames Capital replaced Royal London Asset Management. He said the university followed a selection process using a combination of its investment adviser expert, and lay members of the investment committee.
Kames Capital manages £1.8 billion in global high-yield portfolios.
“Our investment committee regards high-yield bonds as a valuable long-term part of our diversified portfolio,” said Richard Davidson, chairman of the endowment fund, in a news release by Kames Capital.