Cotsen Foundation for the Art of Teaching, Los Angeles, hired J.P. Morgan Asset Management (JPM) to provide outsourced chief investment officer services, said Kamyab Hashemi-Nejad, chief financial officer, in an email.
The $222 million foundation hired J.P. Morgan's endowment and foundations group after issuing an RFP to move to an OCIO model from a traditional investment consultant. Mr. Hashemi-Nejad would not provide the name of the incumbent consultants or finalists.
The contract begins on April 1. Mr. Hashemi-Nejad said the OCIO move was made so the foundation could "bring all the disciplines of investment, administration and custody under one organization and to establish a full-service back-office partner."
The search was conducted using InHub's eRFP tool.