US Trust Wins Three OCIO Mandates
Three nonprofit organizations have chosen US Trust, Bank of America Corporation, as their outsourced-CIO (OCIO).
The manager won mandates from the North Carolina-based Healthcare Foundation of Wilson, the Leukemia & Lymphoma Society, and the BHP Billiton Foundation.
“We are honored that these foundations have entrusted us to play a role in fulfilling their important missions,” said Ann Limberg, US Trust’s head of philanthropic solutions and the family office.
US Trust picked up $120 million in assets from the Healthcare Foundation of Wilson as well as a $73 million endowment from the Leukemia & Lymphoma Society.
The OCIO provider did not reveal the size of the assets it would be managing for the BHP Billiton Foundation, a charitable fund established by Australian metals and mining company BHP Billiton.
“Market dynamics, including consolidation in the nonprofit sector and a complex investment environment, has increased organizations’ need for trusted fiduciary partners to provide OCIO and other philanthropic advisory services,” US Trust said in a statement.
To meet this demand, the firm said it has expanded its philanthropy services “by adding experienced team members and resources.”
According to CIO’s annual outsourced-CIO survey, US Trust had $20.4 billion in full discretionary assets and 407 US-based clients as of January 2016. The manager employs 24 portfolio and 210 relationship managers in its OCIO business.
Related: Northern Trust Bolsters $60B OCIO Unit; UBS Launches Another OCIO Program; Northern Trust Nabs Funds-of-Funds, New OCIO Client