Public Endowment: Performance and Pay

04 / 22 / 2015
by Charles Skorina | Comments are closed

Public Endowments: Performance and Pay

The Best, the Rest, and Erik Lundberg - U Michigan, our pick for Public Endowment CIO of the Decade. 

This month we are pleased to bring you our annual survey of endowment performance at the Public Ivys, including many of America's biggest, most prestigious, and best-endowed public universities.

We think the performance of these endowments ought to be of interest not only to the endowment and foundation community, but to the investment world at large.  They include some extremely talented people getting results which rival investment organizations anywhere. 

And, they are important clients for many for-profit money managers all over the world.  Since most of them are located far from Wall Street and the Northeast media corridor they tend to be overlooked, and we're glad to shine a little light on them. 



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Divestment vs. Fiduciary Duty

02 / 24 / 2015
by Charles Skorina | Comments are closed

Divestment vs. Fiduciary Duty: Whose Money is it?

What the divestment debate comes down to is how boards define their fiduciary duty.

[Spoiler: We don't think divestment is a good idea]

We're recruiters in the business of finding chief investment officers and senior asset managers, and our readers worry more about investing than divesting.  So you may be forgiven if you overlooked Global Divestment Day on Friday, February 13th.

It was spearheaded by Bill McKibben's 350.org/Fossil Free group with support from many other Green enthusiasts.  

Mr. McKibben is the Pied Piper of the anti-fossil-fuel movement.  He has been barnstorming the nation's campuses for years rallying local activists and pressuring boards to remove traditional energy investments from endowment portfolios.

We had our say about the divesters a while back in Skorina Letter 50.

See: "Disinvesting in Logic," here:

http://www.charlesskorina.com/2013/08/

Today, we think it's worth another look.

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Full Article, hit "Go" below



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Ivy Endowments Performance and Pay 2014

11 / 12 / 2014
by Charles Skorina | Comments are closed

Ivy Endowments Performance and Pay 2014:

Tenure, turnover, and the long game...plus our vote for best CIO over the last ten years.

[Spoiler: Our pick? Seth Alexander, CIO at MIT]

Every fall we chronicle endowment performance and pay at the eight traditional Ivy League schools, and at a few other top private schools around the country.

This year our Alt-Ivys are: Stanford, Chicago, Notre Dame, MIT and Duke.  We think their academic prestige, endowment size and sophisticated management make them investment peers of the Old Ivys.

In previous editions we emphasized five-year annualized returns as a key measurement. Our argument was: as recruiters we are interested in the performance of current management; and the average tenure among institutional chief investment officers is only about five years.



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NL62 Wall St. Money versus Harvard comp

09 / 29 / 2014
by Charles Skorina | Comments are closed

HARVARD Vs. WALL STREET MONEY:WHO REALLY MAKES MORE?

Harvard Management Company, which runs the university's $36 billion endowment, is under fire - again - from a contingent of aging activist alums who object to HMC's executive paychecks.  The same sexagenarian social-justice warriors from the class of '69 who drove chief investment officer Jack Meyer out of office in 2005 have now issued an open letter to university president Drew Gilpin Faust alleging that salaries and bonuses of her investment professionals are unconscionable and should be cut.  

We disagree.

Harvard salaries are nothing remarkable compared to those of people running similar amounts of money on Wall Street.  And, if Harvard can't pay near-Wall Street salaries they can't reasonably expect to hire and keep the best available talent.

We have tables below with the pay and AUM of 50 top Wall Street CEOs which make that point.



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NL61 Performance and pay at the largest US and Canadian pensions

09 / 17 / 2014
by Charles Skorina | Comments are closed

PERFORMANCE AND PAY AT THE LARGEST U.S. AND CANADIAN PUBLIC FUNDS

 

SCOTT EVANS AND GORDON FYFE: NEW HEADS AT THE NYC AND BC PENSION SYSTEMS

 

JONATHAN HOOK: WHAT WENT WRONG AT OHIO STATE UNIVERSITY?



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