University of Washington, Seattle, formed an internal money management company, said Norm Arkans, university spokesman.
The university's board of regents on Sept. 10 approved the formation of the University of Washington Investment Management Co., which will oversee the investment management of the university's $3 billion consolidated endowment fund.
“These changes reflect the maturation of the university's investment program over the past quarter-century,” said Bill Ayer, chairman of the board of regents, in a news release. “We want the financial community to view us as an investment company with a robust structure that is well suited to our growing and increasingly sophisticated portfolio.”
The university's news release said UWINCO is “not a company in the traditional sense” but follows the structure many larger university endowments have taken. Mr. Akans said, for example, that Keith Ferguson, chief investment officer, will now report directly to the president of the university.
The university also said last week it earned an investment return of 6.8% in the year ended June 30. The endowment had an annualized return of 7.5% in the past 10 years.
Bloomberg contributed to this story.