The group, based in Cincinnati, OH, created the new role to enhance its offerings to endowment and foundation clients.

Fund Evaluation Group has appointed Michael Condon to the new position of senior vice president and outsourced chief investment officer (OCIO).

Condon brings more than 20 years of experience as an acting CIO, having most recently served as CIO of Southern Methodist University, where he led a 15-person office and was responsible for all aspects of investing the university’s $1.5 billion endowment. As CIO of the University of Arkansas Foundation, he oversaw a $1.1 billion endowment, and during his 10-year tenure at Georgia Tech, the foundation endowment grew from $440 million to $1.5 billion.

“The depth of his experience from an investment and industry standpoint will be a valuable asset to our clients,” said Rebecca Wood, the group’s managing principal and head of consulting. “Mike personally knows the challenges of balancing the day-to-day demands of an investment office with the long-term mandate of intergenerational equity.”

Fund Evaluation Group has around $50 billion in assets under advisement. Its OCIO business provides outsourced CIO and discretionary portfolio management services to institutions and financial intermediaries. The group also offers investment consulting.