Nevada System of Higher Education, Las Vegas, will launch a search before the end of the year for a firm to provide outsourced CIO services for its $240 million endowment, said Vic Redding, the system’s vice chancellor for finance and administration.
The system’s board of regents approved the search at its Dec. 3-4 meeting. A timeline for the RFP is currently being developed and a due date will likely be in the early spring, Mr. Redding said.
The board of regents will maintain oversight over the endowment’s asset allocation and overall governance.
Current investment consultant Cambridge Associates approached members of the investment and facilities committee with the outsourced CIO option about a year and a half ago. Cambridge is invited to bid for the outsourced CIO services. Cambridge’s current contract expires in September.
The RFP will be available on the system’s website.