Nevada System of Higher Education, Las Vegas, might search for a firm to provide outsourced CIO services for its $240 million endowment, said Kevin C. Melcher, chairman of the system’s investment and facilities committee.
The system’s board of regents approved at its Oct. 23 meeting moving forward with a draft request for proposals that will be presented at the board’s Dec. 3-4 meeting, Mr. Melcher said.
The system must issue an RFP in 2016 due to the expiration of current investment consultant Cambridge Associates’ contract in September 2016, Mr. Melcher said. He added that Cambridge approached members of the investment and facilities committee with the outsourced CIO option about a year and a half ago. The firm, which also provides outsourced CIO services, would be invited to bid.
Mr. Melcher said the board would likely maintain oversight of the system’s asset allocation and overall governance.
The timeline of the RFP would likely be determined after the board’s Dec. 3-4 meeting. The outsourced CIO would also oversee a part of the system’s $1 billion operating pool, Mr. Melcher said.
