University of Maine System's investment committee approved hiring Silchester International Investors to run $15 million in an active fossil fuel-free international equity portfolio for its $335 million managed investment pool of endowment assets.
The Bangor-based university system's investment committee approved the hiring at its Aug. 25 meeting, a video of the meeting shows.
The committee approved investment consultant NEPC's recommendation to invest in the Silchester Exclusion Trust as a result of its May vote to divest from fossil fuels.
Funding will come from the termination of a $15 million passive international equity portfolio managed by State Street Global Advisors.
As of June 30, the managed investment pool's actual allocation to international equities was 10.4%; the target is 14%.
Tracy Elliott, the system's director of finance and controller, could not be immediately reached for further information.
