Investment Update 2021
Dear fundholders and community partners,
Back in September, I shared with you about starting our RFP (“Request for Proposal” ) process for the investment manager of our Corporate and ESG Pools. As noted then, we have been working with Glenmede as our investment manager, also known as an OCIO (“Outsourced Chief Investment Officer”) since early 2011. It is considered best practice to review that OCIO relationship formally every 5-10 years. We hired a consultant with nationwide purview to assist our Investment Committee, Board, and staff to complete this RFP process.
We first considered every banking, investment, and trust institution we currently do business with in any capacity, and then added in several firms that our consultant suggested, both locally and nationally. This was a field of about 20 OCIO providers to start. Our consultant performed due diligence on these firms and eventually assisted us in narrowing it to six firms to formally request proposals from. Ultimately, from those six, one firm emerged the clear choice, and that is PNC.
We’ve chosen PNC for several reasons. First, we have already been working with them in a much smaller, but similar capacity for decades, as the trustee of several of our trusts, and were very pleased with that relationship in all aspects. Second, their performance has been consistently at or above our benchmark for the previous 5 year period that we reviewed- and was in the top third of the RFP proposals we reviewed as well. Their fees are very competitive and the lowest of the RFP finalists. PNC manages an Environmental, Social, and Government (ESG) investment pool option that offers socially responsible investments. They are local to Pennsylvania and Lancaster. PNC serves as OCIO for many other community foundations around the state, and nation, and thus has a deep bench of expertise specific to us and our work.
In the near future, be on the lookout for a virtual “Meet & Greet” invite with PNC via zoom, likely in April, in lieu of our annual breakfast which has been cancelled due to COVID-19 precautions. We know that you have entrusted us with your charitable assets, and we trust that PNC will be an excellent partner for you and us, as we work together to embolden extraordinary community in Lancaster! Should you have any questions or concerns, you are welcome to contact me directly at [email protected] or 717-397-1629 x104.
PS: You do not need to take any action on your fund(s) with us – this change will occur seamlessly in the background. However, if you currently have been making stock gifts using the “Gift Transfer Instructions” from Glenmede, please do not use those any longer. New gift instructions for both the corporate and ESG pool with PNC are here and can be used immediately.