Feeding America, Chicago, hired Northern Trust Asset Management as outsourced CIO to manage $19.3 million in assets, foundation spokesman Lucio Guerrero said in an e-mail.
The OCIO is handled by Northern Trust's foundation and institutional advisers practice, which serves non-profit organizations.
A board approved investment policy, which “details roles, responsibilities and provides guidance and limits on investment management decisions,” will guide Northern Trust in its role as OCIO, wrote Mr. Guerrero.
Northern Trust replaced William Blair & Co. and GCG Financial. The replacement was not related to performance, wrote Mr. Guerrero. Northern Trust was selected after an extensive RFP process, he added.
It could not be learned by press time whether or not William Blair & Co. and GCG Financial rebid.