YSU trustee panel to hire manager for investments
YOUNGSTOWN -- Members of the Investment Subcommittee of the Youngstown State University Board of Trustees are seeking to hire at least one investment manager because of changes in state law that give universities more investment options.
On Wednesday the subcommittee asked Terry Ondreyka, vice president of financial affairs, to draft a request for proposals that could be sent to investment firms willing to help YSU draft an investment policy and handle investments. The proposal would include criteria for the position, including certification, and experience investing large sums of money for Ohio public agencies.
Members said they would not seek to hire an investment adviser at this time but would consider one if the managers are not adequate.
Ondreyka said the university's current investments are conservative and relatively risk-free and other professionals would be needed to manage money in new options and offer advice on long- and short-term investment options.
Subcommittee Chairman F.W. Knecht said the state has made the change to allow universities the ability to earn more money from investments.