New Hanover Community Endowment Selects BlackRock as Investment Advisor and Manager

Rhea-AI Summary

New Hanover Community Endowment (NHCE) has appointed BlackRock as its investment advisor to manage approximately $1.1 billion in assets. This partnership aims to enhance fiduciary oversight and align investments with NHCE’s long-term objectives. NHCE CEO William Buster emphasized the commitment to improving the lives of New Hanover residents, while BlackRock's expertise will help navigate current market challenges. The planned investment portfolio will be diversified across major asset classes, supporting NHCE’s goal of impactful community solutions.

Positive

• Appointment of BlackRock strengthens investment management for $1.1 billion in assets.
• Partnership aims to enhance fiduciary oversight consistent with long-term objectives.
• BlackRock's investment expertise will assist in navigating market challenges.

Negative

• None.

NEW YORK & NEW HANOVER, N.C.--(BUSINESS WIRE)-- New Hanover Community Endowment (NHCE) today announced the appointment of BlackRock as its investment advisor and manager in the oversight of approximately $1.1 billion in community endowment assets. The partnership between the two organizations, combining BlackRock’s investment expertise and the forward-looking vision of NHCE’s leadership and Investment Committee, will strengthen fiduciary oversight and help ensure endowment assets are invested in line with NHCE’s investment policy and long-term objectives.

“Our partnership with BlackRock is a crucial step in our plan to establish NHCE as a community resource for generations to come,” said William Buster, CEO and President of NHCE. “As one of the largest endowments in North Carolina, we have a unique opportunity and responsibility to meaningfully improve the lives of New Hanover residents. In BlackRock, we’ve identified an asset manager that shares our unwavering commitment to help secure the financial future of the Endowment.”

As NHCE was established during 2020, its leadership was tasked with defining the endowment’s structure, governance, mission, and vision during a time of unprecedented market complexity and volatility. An important consideration in hiring BlackRock was selecting an investment manager with the scale, resources, and expertise to take on the current challenges of the markets, and who was also devoted to working in close partnership with NHCE to understand its organizational needs to best serve the community.

“Endowments face a unique set of challenges in this market environment, and we’re prepared to meet those challenges hand in hand with NHCE,” said Lili Forouraghi, Head of Endowments and Foundations at BlackRock. “BlackRock’s research edge and investment expertise will provide NHCE with a strong advantage to navigate current markets, and we look forward to working in partnership with them to set a course toward long-term success.”

With a long-term horizon in mind, BlackRock designed an investment portfolio for NHCE with the ability to adapt as NHCE’s requirements evolve, including NHCE’s upcoming plans to accept grant applications. The endowment assets will be managed by a team of highly experienced BlackRock professionals in partnership with NHCE, and will be invested in a diversified, cost-effective portfolio across all major asset classes, including public equity, fixed income, as well as alternative investments.

Jeff Saef, Head of the Americas Region for Multi-Asset Strategies and Solutions at BlackRock said, “Our partnership with NHCE is an extraordinary opportunity to help secure the financial future of this organization at a critical time for the New Hanover community. We are honored to be entrusted with this assignment, and to build and manage an investment portfolio designed to deliver the best possible outcomes for NHCE and its beneficiaries.”

About NHCE

The New Hanover Community Endowment’s mission is to improve the health, education, safety, and economic opportunity of every person in the New Hanover County community. The organization seeks to identify and address the root challenges in these areas, aiming for long-lasting and deeply impactful solutions.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221026005299/en/

BlackRock

Barbara Williams

barbara.williams1@blackrock.com

646-231-1626

Thomasin Bentley

thomasin.bentley@blackrock.com

646-231-1769

Kristen Rivera

kristen.rivera@blackrock.com

646-231-8352

NHCE

Jada Harkins Andrews

Jada@EandVGroup.com

919-371-8661

Source: BlackRock

FAQ

What is the significance of BlackRock's appointment by NHCE?

BlackRock's appointment is significant as it will manage $1.1 billion in assets, enhancing NHCE's investment strategy and oversight.

How will BlackRock manage NHCE's assets?

BlackRock will manage NHCE's assets through a diversified investment portfolio across major asset classes, including public equity and fixed income.

What are NHCE's goals in working with BlackRock?

NHCE aims to strengthen fiduciary oversight and ensure long-term investment objectives align with improving community resources.

How much is BlackRock managing for NHCE?

BlackRock is managing approximately $1.1 billion in community endowment assets for NHCE.

Who is the CEO of NHCE?

The CEO of NHCE is William Buster.