Browsing: Endowments & Foundations

Endowments & Foundations

Lessons from University Endowments

Jul 23rd, 2017 | Filed under: Allocating to A.I., Asset allocation, Asset Allocation Models, Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

In a recent article for The Journal of Investment Consulting, John Mulvey and Margaret Holen look at the practice of asset allocation among large U.S. university endowments. They focus on asset category definitions in the hope of throwing some light on “the movement to define asset categories with reference toRead More


The 100+ Top Guns of Institutional Investing

Jul 12th, 2017 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added, Personalities in AI, Who's Who

By Charles Skorina This letter looks at the most recent five-year performance of over one hundred of the world’s best institutional investors. Endowment chief investment officers have an infinite investment horizon, a global playing field, and can invest in anything anywhere – within the broad policy limits set by theirRead More


Leading the charge into OCIO battlespace: 2 Harvardians invent an industry

Jun 7th, 2017 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina In 1973, two former Harvard roommates and budding entrepreneurs – Jim Bailey and Hunter Lewis – took on an assignment to review the investments held in their school’s endowment. Things were very different back then.  A treasurer of the Harvard Corporation with the wonderfully Bostonian name ofRead More


What makes a great Chief Investment Officer?

May 1st, 2017 | Filed under: Endowments & Foundations, Family Offices, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina All professional investors want to make money.  The question is, how and for whom? In the for-profit world of Wall Street asset managers and retail mutual funds, the differences among managers reflect investor appetites, time horizons and risk tolerances.  They must all serve their customers, or theRead More


Foundation CIOs and the American Dream: A Conversation With Carnegie’s Kim Lew

Mar 22nd, 2017 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina This month we focus on the venerable foundations of New York City and one of their most accomplished investment pros: Kim Y. Lew, chief investment officer of the Carnegie Corporation. We have an in-depth conversation with Ms. Lew on her career in foundation investing and the future of womenRead More


A conversation with UTIMCO’s Bruce Zimmerman

Feb 13th, 2017 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina Bruce Zimmerman joined UTIMCO as Chief Executive Officer and chief investment officer in June of 2007, six months before the official start of the “great recession” in December 2007 (US National Bureau of Economic Research).But despite a 13% drop in the endowment in UTIMCO’s 2009 fiscal yearRead More


Texas Turmoil: UTIMCO picks a new path through a political minefield

Jan 30th, 2017 | Filed under: Allocating to A.I., Asset allocation, Asset Allocation Models, Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina Endowment returns took a beating last year and the turnover in chief investment officers tells the tale. Among the big names to make an exit in 2016 was Bruce Zimmerman, longtime CEO of The University of Texas Investment Management Company (UTIMCO). We wrote about endowment turnover in ourRead More


Amy Falls: Meeting Harvard’s plan B

Dec 5th, 2016 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

In late July, Stephen Blyth stepped down as head of Harvard Management Company; then things happened fast. By mid-September, a hire seemed imminent and HMC was said to have winnowed the field down to just two: Narv Narvekar of Columbia and Amy C. Falls of Rockefeller University. Mr. Narvekar, whoRead More


Energy Infrastructure: The Midstream Sector

Nov 10th, 2016 | Filed under: Allocating to A.I., Endowments & Foundations, Institutional Asset Management, Newly Added, Regulatory Environment, The A.I. Industry

Is it a stream or is it a sea? They seem to have gotten their hydrological imagery mixed up. But no, the “sea” in question is a literal sea, though the “stream” in question is a mere bit of imagery, so clichéd as such that no one sees it asRead More


BLEAK HOUSE–OR THE OUTLOOK ON HEDGE FUNDS NOW

Oct 19th, 2016 | Filed under: Allocating to A.I., Endowments & Foundations, Family Offices, Hedge Fund Industry Trends, Hedge Funds, High-net-worth investors, Institutional Asset Management, Institutional Investing, Investor Relations, Newly Added, Sales & Marketing in the AI Industry

By Diane Harrison Charles Dickens’ Bleak House spins a tale of mystery, intrigue, family dynamics, and irony in the Victorian age that had readers gripped by its indictment of the English court system. While the novel is packed with intricate plot twists and turns, the main story line centers onRead More


Harvard gives Narv the nod

Oct 17th, 2016 | Filed under: Academic Foundations, Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added, Personalities in AI, Who's Who

By Charles Skorina As all the world now knows, Harvard has selected Columbia’s Nirmal P. “Narv” Narvekar as the new head of Harvard Management Company. His name had been bandied about as a prime candidate for weeks.  We discussed it ourselves in our Aug. 29 newsletter. Reportedly, a few big-endowment CIOsRead More


From UMIFA to UPMIFA: Taking Stock 10 Years Later

Sep 29th, 2016 | Filed under: Endowments & Foundations, Institutional Asset Management, Newly Added

Ten years ago, thus before the global financial crisis, the Uniform Law Commission promulgated the Uniform Prudent Management of Institutional Funds Act (UPMIFA), a successor to an earlier uniform act, the UMIFA. One of the big changes from UMIFA to UPMIFA was the elimination of the concept of “historic dollarRead More


The Harvard Management Company to Big to Hail?

Sep 28th, 2016 | Filed under: Allocating to A.I., Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

In asset management, as in other endeavors, size really does matter. Bigger is better.  But growth in AUM drives growth in headcount and complexity; and that can overwhelm existing structures and challenge management. A few weeks ago in “Crunch Time for the Harvard Endowment” we referred to HMC’s hunt for aRead More


Crunch Time for the Harvard Endowment

Aug 14th, 2016 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added, Personalities in AI

By Charles Skorina The hunt is underway for a new CEO at the Harvard Management Company.  And chairman Paul Finnegan and his board intend to get it right this time. Counting interims, they’ve now had six CEOs at their shop since Jack Meyer departed in 2005, and mostly mediocre returns to show for it. AfterRead More


The Harvard Management Co.: Time for some creative destruction?

Jul 18th, 2016 | Filed under: Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina It’s been 10 years now since Jack Meyer stepped down as head of Harvard Management Company, while David Swensen – now in his 31st year – has carried on at the Yale Investment Office. Each endowment has pursued its own distinctive management model: HMC with its “hybrid” internal/external approach,Read More


Canadian Universities and Interest Rate Swaps

Jun 16th, 2016 | Filed under: Allocating to A.I., Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

Two scholars looked recently at the behavior of Canadian universities regarding the management of their interest rate risk. They found something peculiar. The universities are making an increased use of interest-rate swaps, apparently under the impression that they are hedging against risks. But they aren’t. Almost all the swaps enteredRead More


SLAM Wars: The Flow Awakens Ranking Asset-Manager Flows & Profits

Jun 6th, 2016 | Filed under: Asset Managers, Endowments & Foundations, Family Offices, High-net-worth investors, Industry Size & Managers, Institutional Asset Management, Institutional Investing, Newly Added

By Charles A. Skorina As recruiters we work both sides of the investment-management street: serving for-profit money managers and not-for-profits like foundations and endowments.Fee-based publicly listed asset managers, especially the big ones, are newsworthy because they invest a lot of money for a lot of customers, including non-profits investors.  There’sRead More


Wrangling the Unicorns: Yale celebrates their VC heroes

May 15th, 2016 | Filed under: Allocating to A.I., Endowments & Foundations, High-net-worth investors, Institutional Asset Management, Institutional Investing, Newly Added, Private Equity, Private Investments, Venture capital

Yale, in their 2015 annual report issued this month has broken out their private equity allocation into two distinct segments: Leveraged Buyouts and Venture Capital.  See: This is the first time in many years they’ve offered that level of detail.  And they’ve given the whole report a VC-and-entrepreneurial theme, supplementing theRead More


The Skorina Report: Why You Can’t Clone Yale

Apr 5th, 2016 | Filed under: Allocating to A.I., Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added

By Charles Skorina   Can you copy great endowment investment performance?  The Yale endowment, for example? Reverse-engineering a good performer is probably achievable.  The key attributes can often be identified and, to some extent, duplicated. But can you replicate great performers? That’s a much taller order.  There’s always something slightlyRead More


Institutions Thinking About Interest Rates and Volatility

Dec 15th, 2015 | Filed under: Allocating to A.I., Benchmarking & Performance Attribution, Endowments & Foundations, Institutional Asset Management, Institutional Investing, Newly Added, Performance, Analytics & Metrics

In recent months, even the anticipation of Fed Reserve tightening has been able to send markets into a tizzy. Now the actual tightening is at last upon us. Both Natixis and Reuters surveys speak to the way the buy-side and sell-side see this. Read More


The Skorina Report: Exodus From The Stanford Endowment

Oct 26th, 2015 | Filed under: Endowments & Foundations, Institutional Asset Management, Newly Added

The times they are a changin' at the Stanford Endowment. Charles Skorina looks at who, how and whyRead More


The Skorina Report: Fearless Forecast Says That Endowment Returns Will Disappoint in FY2015

Sep 3rd, 2015 | Filed under: Alpha Hunters, Alpha Seekers, Alpha Strategies, Endowments & Foundations, Hedge Fund Strategies, Institutional Investing, Performance, Analytics & Metrics

Guest columnist Charles Skorina looks at the potential for 2016 endowment returns and finds them to be somewhat lacking... Could alternatives ride to the rescue?Read More


The Investment World Has Good News for Philanthropy

Aug 3rd, 2014 | Filed under: Alpha Hunters, Alpha Strategies, Endowments & Foundations, Institutional Investing

Private foundations have "regained solid financial footing" in terms of their investment returns over the last two years especially, after the shaky years that preceded. Their mission-related spending has accordingly increased. Read More


The Skorina Report: Endowment Performance at Flagship State Schools

May 22nd, 2014 | Filed under: Alpha Hunters, Endowments & Foundations, Performance, Analytics & Metrics

Charles Skorina revisits his famous "public Ivys" study.Read More


Endowments Should Prepare for Risks of Deflation

Apr 4th, 2012 | Filed under: Alpha Strategies, Endowments & Foundations, Institutional Investing, Risk management

Traditionally, the endowment model has involved holding illiquid assets, and benefitting from the premiums that markets pay institutions with a tolerance for illiquidity. Further, this self-image of endowments as buy-and-hold institutions leads to a de-emphasis of risk management, in the expectation that near term zigs and zags will level out nicely if given enough time. Mark Schmid and Que Nguyen, both of the University of Chicago, break with this model in a recent paper. They say, “While we continue to pursue strong returns, we must do so without taking on excessive risk to the University."Read More