Georgia State University Foundation, Atlanta, hired Northern Trust to provide outsourced chief investment officer services, Don Hale, university spokesman, said in an email.
The foundation issued an RFP earlier this year. Incumbent State Street Global Advisors was also a finalist.
Northern Trust will oversee $238 million in foundation assets, including $160 million in endowment assets.
"The foundation's investment committee went through an extensive review process and selected Northern Trust to provide our investment advisory services because of its investment insights, resources and customized solutions," said Walter Massey, the foundation's president, in a Northern Trust news release. "We look forward to this new partnership with Northern Trust that provides additional fiduciary oversight to help us to wisely steward our investment assets."