Ieoh Ming Pei, a New York architect, will design the John F. Kennedy Memorial Library, its trustees announced yesterday. The trustees also reported that they had exceeded their $10 million fund-raising goal, but would continue to raise money to endow the library and teaching institute.

At the same time, Senator-elect Robert F. Kennedy '48 (D-N.Y.) confirmed reports that the trustees hope to choose Richard Neustadt, professor of Government at Columbia University, as the institute's director.

Pei, a pioneer in urban renewal, has won awards for his Chicago Hyde Park and Philadelphia Washington Square East redevelopments, Kips Bay Plaza in Manhattan, and the Pan Pacific Center in Honolulu. He also developed the master plan for several districts of Washington, D.C.

The architect, who has two sons at Harvard, came to the U.S. from China in 1935 to study design at M.I.T. He later attended the Harvard Graduate School of Design and served as an instructor.

Pei is a member of the National Institute of Arts and Letters, and heads the architectural firm I. M. Pei and Associates.

[President Pusey is working with the Kennedy family on a plan for the institute, which is to be a center for individuals pursuing careers in practical politics and public service in connection with the library, the Associated Press reported last night.]

A former special adviser to President Kennedy and Johnson, Neustadt is widely known for his book Presidential Power, which is said to have strongly influenced John F. Kennedy's concept of the office.

The announcements were issued after a meeting of the library trustees in New York, attended by President Pusey and Don K. Price, dean of the Faculty of Public Administration.