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.
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“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.”
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.
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.
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Jada Harkins Andrews