University Times

The Board of Trustees investment committee has adopted a “statement of governance, investment objectives and policies” for the University endowment fund’s consolidated investment pool.

In a brief meeting on Sept. 18, the committee, which is authorized to approve endowment guidelines, objectives and policies, approved the document.

Under former investment committee chair Thomas O’Brien, the committee recommended a review of the University’s policies, practices and procedures, as well as the law pertaining to the endowment, explained Amy K. Marsh, Pitt’s chief investment officer (CIO) and treasurer.

O’Brien, whose board term ended in June, was succeeded as investment committee chair by Thomas J. Usher.

Marsh said she conducted the review in conjunction with the University’s investment staff, its investment adviser, Cambridge Associates, the Office of General Counsel and investment committee members.

“In many respects it is a compilation of existing policies, procedures and practices that have been pulled together to, among other things, assist the committee members, myself and the University investment staff in fulfilling the respective roles and responsibilities applicable to the oversight and administration of the consolidated endowment fund,” Marsh said.

“This is just a consolidation and compilation of what we’ve been doing,” she told the University Times.

Marsh said the move not only reflects best practices but also the view “that it would be helpful for trustees to have everything in one place.”

The document outlines the roles and responsibilities of the investment committee, the CIO and treasurer, investment advisers and investment managers. It also contains sections of fiduciary duty, investment objectives, risk management and asset allocation and spending policies.

The investment committee also recommended that the full board approve its mission statement, which was reviewed and updated to align it with the new committee document.

The committee’s public documents are available through Pitt’s libraries on all campuses.

—Kimberly K. Barlow