UDel switches $1.4B endowment to Northern Trust

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NEWARK, Del. (AP) - The University of Delaware is shifting its $1.4 billion endowment away from Wilmington Trust to instead be held by Chicago-based Northern Trust.

The News Journal (http://delonline.us/1gbKsoo ) reports the move does not end the school’s relationship with Delaware-based Wilmington Trust. But it marks a change after 10 years with the bank.

A university spokeswoman says the school issued a request for proposals for a new custodial bank for the endowment. Experts say it’s not unusual for institutions to shop around for different services or pricing.

The student-run Blue Hen Investment Club also manages more than $1.5 million of the endowment.

The university’s endowment is used to fund operations, including scholarships and research. Based on 2013 market values, the endowment ranks No. 70 out of 849 universities in the U.S. and Canada.

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Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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