Literally 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

Literally 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.