Nevada System of Higher Education's investment committee approved moving forward with Cambridge Associates as the sole outsourced chief investment officer of its $317 million pooled endowment fund.
The investment committee at its Sept. 30 meeting approved renewing Cambridge's contract and allow Russell Investments' OCIO contract to expire on Dec. 31, said Andrew Clinger, the Las Vegas-based system's chief financial officer.
A final vote for approval is set for the system board of regents meeting on Dec. 3.
The investment committee meeting materials said the committee's recommendation to renew Cambridge's contract and allow Russell's contract to expire and eschew the optional renewals was following an evaluation of fees associated with the current investment management model.
The system hired Cambridge and Russell in 2016 to split the endowment pool's portfolio as OCIOs.
As of June 30, Cambridge managed $147 million in assets in the endowment pool, while Russell managed $126 million. The pool also had $44 million in legacy assets in private markets and natural resources funds.