Nevada System of Higher Education’s investment committee could vote Thursday on a recommendation to hire Cambridge Associates and Russell Investments to provide outsourced CIO services for the Las Vegas-based system’s $221 million endowment fund.
In a memo provided by Kevin C. Melcher, chairman of the system’s investment committee, Vic Redding, the system’s vice chancellor-finance, recommended that Russell and Cambridge each manage 50% of the endowment fund’s assets.
The system issued an RFP in December. Cambridge, the system’s current investment consultant, approached members of the investment committee with the outsourced CIO option in 2014. Cambridge’s current contract expires in September. Cambridge and Russell are the two finalists for the search.
Among the reasons for making the recommendations, Mr. Redding said “as an investor, utilizing (two) firms simultaneously will allow NSHE to monitor relative performance (in real time) under this new OCIO model.”
The investment committee meets Thursday, and if takes Mr. Redding’s recommendation, would then recommend the action to the full board of regents, which would vote on the recommendation at its meeting Friday.