Smith College, Northampton, Mass., plans to manage its $2 billion endowment internally after outsourcing management of the portfolio for the past 16 years.
An open letter addressed to students, staff, faculty and alumni signed by Smith College President Kathleen McCartney and Chairwoman Alison Overseth said that the school's board of trustees "has decided to establish its own in-house investment office" after having "outsourced the management of its endowment to Investure" since 2004. The decision was made "following more than a year of deliberation."
The college will continue to work with Investure over the next few years to ensure a smooth transition, the letter added.
“It has been an honor to partner with Smith College for so many years. Investure was founded on the premise of serving non-profit institutions, with the goal of generating excellent long-term investment performance,” said Bruce Miller, CEO of Investure, in a news release issued by Smith College. “We are proud of our role in helping Smith successfully grow their endowment, and we look forward to supporting Smith in the coming years in this next phase.”
Executive recruiting firm David Barrett Partners will assist the school in seeking its first-ever chief investment officer. Once hired, the new CIO will be responsible for establishing and staffing an investment management office to run the endowment.
Samuel Masinter, a spokesman for the college, could not be reached for comment or further details.