Investors - JUNE 29, 2017

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BlackRock to head ASU Foundation endowment

by Jody Barhanovich

BlackRock has been chosen to manage the $600 million ASU Enterprise Partners, parent organization to the ASU Foundation, as its outsourced chief investment officer. The selection was made following an RFP that was issued in January.

Starting July 1, BlackRock will succeed the endowment’s previous manager, Perella Weinberg Partners’ Agility unit, which ran the endowment for the past three years.

The reasoning behind the new manager is due to the fact that Arizona State is looking to explore “a wider array of strategies,” some of which include moving more of its portfolio into passive investments and reducing fees.

According to an annual report, Arizona State lost 4.4 percent from June 2015 to June 2016, and has trailed its benchmark in the past three years with an annual average return of 3.7 percent. The foundation said it needs to change its approach, and is attempting to explore every alternative to see how it can improve and

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