Cal Poly Pomona Philanthropic Foundation, Pomona, Calif., hired Beacon Pointe Advisors as discretionary investment consultant for its $112 million endowment fund.
The foundation issued an RFP in February for a consultant to provide discretionary services. Graystone Consulting, which currently provides traditional investment consulting services, was also a finalist along with Bank of America, said Doug Nelson, the foundation's chief operating officer.
The endowment fund's target allocation is 35% domestic equities, 30% international equities, 25% fixed income, and 5% each hedge funds and private equity.
The foundation has a total of $164 million in assets, which also includes a general investment pool, for which Beacon Pointe will provide similar services.