Heriot-Watt University, Edinburgh, hired CCLA Investment Management to manage its £10 million ($13.3 million) endowment portfolio.
The university launched a search in August because the contracts of the incumbents had expired. Details on incumbent managers were not available. The assets will be managed in a balanced, multiasset portfolio with an appropriate degree of risk, said a notice on procurement website Public Contracts Scotland.
CCLA manages investments for charities, religious organizations and public pension funds. It has £7 billion in assets under management.
Further details are available on the Public Contracts Scotland website. Spokesmen could not be reached for comment.