The board of University of Texas/Texas A&M Investment Management Co., Austin, approved the hire of BlackRock and J.P. Morgan Asset Management to manage $1 billion each in public market strategic partnerships during Thursday's board meeting, Chief of Staff Kenneth Standley said in an email.
BlackRock and J.P. Morgan each will run customized portfolios with an 82% allocation to public market equity and 18% to publicly traded fixed income. Funding for the $1 billion allocation to each manager will be gradual, beginning in the first quarter 2020 and ending in the first quarter 2022, Mr. Standley said in a report to the board.
UTIMCO managed a total of $36.5 billion as of Sept. 30 of which $35 billion was in the system's two educational endowment funds.
