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The boards definitely do not concern themselves much with the investment strategy. This is someone else job (usually a pretty small fairly independent office).
by krastanov 5y ago
The boards definitely do not concern themselves much with the investment strategy. This is someone else job (usually a pretty small fairly independent office). The board concerns themselves with "should we approve the new dorm/theater/gallery/lab building suggested by the administration".
- elliekelly 5y agoLiterally none of this is true. The elite universities have companies to manage their endowment that compete for talent with the top hedge funds. These are not “small fairly independent offices” in any sense of the term. They’re major players in the industry and they’re far from independent. They’re usually a wholly-owned subsidiary with a board that reports directly to the university’s board. And any university board member who “isn’t concerning themselves much” with the financial situation of the university they serve isn’t fulfilling their duty. Look up “Harvard Management Company”, for example.
- krastanov 5y agoMaybe I am missing something, but isn't this the majority of the people working on the endowment at Yale? https://investments.yale.edu/team https://investments.yale.edu/team