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Colonial Consulting in the News

Salvation Army changes likely after $1.5 billion gift - Pensions and Investments

In its February 2004 issue, Pensions and Investments reports on the Salvation Army and the changes coming as a result of the $1.5 billion gift from the Joan Kroc estate. Reported by P&I, the estimated $1.5 billion gift to the Salvation Army will increase the size of its four endowment funds by 30% to 45% and compel changes to asset allocation strategies and managers.

Colonial Consulting Corp., New York, is investment consultant to all but the Western fund. Charles Georgalas was interview in the article. "Investing $1.5 billion is a very large task," said Charles Georgalas, referring to the gift. "There will have to be a massive allocation study."

"We're in the very early stages" of conducting such studies for the Eastern, Central and Southern endowments, he said.

Colonial's three Salvation Army client funds "work in conjunction with one another to drive down fees," Mr. Georgalas said. In some cases that means hiring the same money managers, he said.

The full article can be found at P&I Online.