The Management of the Lagos State University (LASU) has signed a Memorandum of Understanding (MoU) with a foremost asset management company, Capital Assets Limited to manage the Institutions Investment Portfolio.

This was contained in a statement by the management on Monday.

The statement reads, "The Management, at a meeting, considered the need to engage a new stock broking firm to manage the University Investment Portfolio which hitherto was being managed by Fortress Capital Limited.

"During consideration, it was noted that three (3) other major stock broking firms alongside with Fortress Capital Limited submitted proposals for consideration.

"However, after an exhaustive consideration of the proposals the Management concluded to engage the services of Capital Assets Limited as both parties agreed on terms which included the setting up of an Investment Committee comprising of all stakeholders by the Management, among others.

"The University Management and the new investment manager – Capital Assets Limited signed a Memorandum of Understanding (MoU) on Thursday, February 6, 2014 and has since commenced the assignment."