Business Ethics

Is the use of MDMs (mobile device management) ethical when a mobile phone is a personal device being used for company/organization purposes but not owned by the company/organization?

For example, at a state university, Information Technology Services Department is requesting that each employee place the university MDM app on personal phones. The university is implementing a new policy that every employee adds the MDM app, then if the university Information Technology Services Department notices any questionable hacking, penetration, etc., they can then wipe the employees personally owned mobile device, regardless of if they use the personal device for any company/organization purpose.