Barnard College, New York, announced Wednesday it hired Strategic Investment Group as the outsourced chief investment officer for its endowment, effective at the end of September.
Strategic Investment Group replaces Investure, which had been the endowment's OCIO since 2006, according to information posted on the college's website. The endowment had $287 million in assets as of June 30, 2016, the most recent information available.
"The board of trustees decided to make a change for several reasons, including the desire for investment options that would facilitate the implementation" of the college's policy — approved by trustees in March — of divesting investments in certain fossil-fuel companies, the website said.
The announcement didn't comment on Investure's performance, other than to "thank Investure for its strong relationship" with the college. Beth Kwon, a college spokeswoman, couldn't immediately provide additional information.
"Over the past nine months, the investment committee of Barnard's board of trustees undertook a rigorous review of OCIO candidates," the college's announcement said. "Strategic has a proven track record of managing endowments and has achieved strong returns. The firm has the desired ability to tailor investments to meet Barnard's specific needs."