ASU Enterprise Partners hired BlackRock as its outsourced chief investment officer, furthering the organization's three-year advisory relationship with the firm, according to an ASU Enterprise Partners statement sent to Pensions & Investments.
ASU Enterprise Partners is the parent organization of the ASU Foundation and other non-profit entities that do fundraising for Arizona State University. BlackRock will assume management of ASU Foundation's $600 million long-term investment pool on July 1.
The selection was made following an RFP that was issued in January. ASU Enterprise Partners selected BlackRock for "its closely aligned approach and values — including its offerings for passive equity management, reduced fees, new investments and a broad partnership to engage in programming and mentorship for ASU undergraduates," the statement said.
"Strengthening our partnership with BlackRock represents a meaningful step towards reimagining the OCIO model," said Keith Wirtz, ASU Enterprise Partners and ASU Foundation board member and chairman of the investment committee, in the statement. "Together, we look to shape a program that ultimately benefits ASU's educational activities through new approaches to the endowment portfolio, expanded investment opportunities and lower fees."