Industry-leader Investure hired as Foundation's outsourced CIO
FOR IMMEDIATE RELEASE
DETROIT – After a year-long exploration and national search, the Skillman Foundation Board of Trustees has hired Virginia-based financial firm Investure, LLC as its new outsourced CIO.
Investure, which has approximately $11 billion across its portfolios, began managing the Foundation’s corpus worth nearly half a billion in September.
“We’re pleased to begin what we know will be a long and productive relationship with Investure, a national leader that pioneered the outsourced CIO model,” Skillman Foundation President & CEO Tonya Allen said. “This firm stood out during our search because of its deep expertise, impressive results and firm commitment to providing customized service based on its clients’ unique assets and needs.”
The Foundation Board of Trustees began its inquiry into investment management options in 2013 and issued an RFP for an outsourced CIO solution in early 2014. Three finalists were identified and considered before the Foundation selected Investure, which specializes in working with mid-sized foundations and university endowments.
“At Investure, we carefully choose each client we take on to ensure we can provide them the level of service that’s our standard,” said Alice Handy, Investure’s founder and CEO. “We are thrilled to add the Skillman Foundation to our roster, so we can help them continue their important work in improving outcomes for Detroit children.”
Investure’s clients includes the Edna McConnell Clark Foundation, the Carnegie Endowment for International Peace, Barnard College, Smith College and the Commonwealth Fund.
Richard Connell, the Foundation’s interim vice president of operations & CFO, will manage the Foundation’s relationship and work with Investure through November. The Foundation is finalizing the hiring of a permanent vice president of operations & CFO. That hire is expected to be announced in December.
Created in 1960, The Skillman Foundation is a private philanthropy committed to improving meaningful graduation rates in the Detroit region, so kids are ready for college, career, and life. The Foundation has assets of nearly a half-billion dollars, with an annual grants budget of $17 million. The Foundation works to achieve its goal by investing in community leadership, neighborhoods, safety initiatives, high-quality schools, social innovation, and youth development.