Ohio University Foundation, Athens, hired Fund Evaluation Group as investment consultant for the school's $673 million long-term endowment pool, said Jim Sabin, university spokesman.
The foundation issued an RFP in January because its investment committee was interested in moving to a less discretionary investment consulting model, the RFP said at the time. Outsourced chief investment officer proposals were considered, although the RFP said preference would be given to non-discretionary proposals.
Other finalists were Callan, Marquette Associates and Verus Advisory. Hirtle, Callaghan & Co. previously provided OCIO services for the endowment pool, and it could not be immediately learned whether the firm bid for the new services.
The endowment pool's long-term targets are 20.6% domestic large-cap equities; 19.7% international developed equities; 10% hedge funds; 9.8% domestic core fixed income; 9% private equity; 5.9% Treasury inflation-protected securities; 4.9% each commodities, emerging markets equities and real estate; 3.9% each domestic small-cap equities and opportunistic fixed income; and 2.5% special opportunities.
FEG will also advise the foundation on a long-term century bond pool with $165 million in assets.