Bates College has hired Investure to provide outsourced CIO services, according to a Feb. 28 news release.
The $19 billion OCIO firm will work with the Lewiston, Maine-based college’s finance and accounting office on daily operations, effective March 1.
Bates President Garry Jenkins noted that the decision to transfer the endowment’s management “reflects an ongoing commitment to the stewardship of our endowment — an essential resource that supports Bates’ ability to provide an outstanding educational experience,” according to the news release. Investure will be tasked with growing Bates’ nearly $447 million endowment to support financial aid and faculty.
Management of the endowment has been overseen by the Bates board of trustees’ investment committee, which will continue to have primary oversight, the release added.
A Bates spokesperson could not be immediately reached for comment.
Bates’ commitment to becoming carbon neutral by 2030 will not change, the release also noted.
Bates’ endowment rose 4.3% for the fiscal year ended June 30 from a year earlier, according to a financial statement.
“Moving forward, we are particularly pleased to work with Investure due to their unique focus on a limited number of institutional clients, coupled with an excellent track record,” said Geoffrey Swift, treasurer and vice president for finance and administration, in the release.
Other college endowments managed by Investure include the $1.6 billion Middlebury College, Middlebury, Vt.; $877 million Macalester College, St. Paul, Minn.; and $702 million Haverford College, Haverford, Pa., the release noted.
Additionally, Investure manages assets for private foundations, including the $698 million National Academy of Sciences, Washington; $526 million Carnegie Endowment for International Peace, Washington; and $197 million Henry Luce Foundation, New York.
