Virginia Commonwealth University Investment Management Co., Richmond, hired Northern Trust as global custodian.
VCIMCO was formed in November 2015 to manage assets for the Virginia Commonwealth University, VCU Health and affiliated entities, with $2 billion in combined assets, including foundation and endowment assets. Thomas C. Burke Jr., executive director of the VCU Foundation, said that $53 million has already been transferred from J.P. Morgan and the rest will transfer to VCIMCO over the next six months.
VCIMCO Chief Operating Officer William I. Lee said in a statement that Northern Trust was chosen for its innovative custody platform and expertise in servicing alternative investments.
Further information could not be learned by press time.