Stanford Endowment Manager Loses Some Staff

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Stanford Endowment Manager Loses Some Staff
« เมื่อ: ?Á?Ҥ?17, 2015, 02:35:40 AM »
Several employees are leaving Stanford University's endowment management arm amid strategy changes by new chief executive Robert Wallace, according to a university spokesman.

Stanford had $23.9 billion in assets as of June 30, 2014, and trails in size only Harvard University, the University of Texas system and Yale University, according to the National Association of College and University Business Officers and Commonfund.

Mr. Wallace, a former understudy of Yale's investment chief David Swensen , was hired to lead the nation's fourth-largest university endowment in March.

According to a Wall Street Journal analysis of data provided by NACUBO-Commonfund, which tracks 832 schools, more than $1 out of every $6 held by U.S. higher-education endowments covered by the data is controlled by either Yale's Mr. Swensen or his prot้ g้ s.

The Stanford spokesman declined to comment on reasons for the personnel departures but said several employees who are leaving will continue to work with the endowment over the next several months. He added that "it is not unusual for staff changes to occur following a transition in leadership in an investment organization."

Mr. Wallace, who replaced John Powers in the top job, "has been working since March on an investment strategy that places different demands on the organization," the spokesman said.

Stanford has about 55% of its portfolio invested in hedge funds and private-equity firms, according to its most recent annual report. That is significantly more than Harvard's 34% share in hedge funds and private equity. Stanford tops even Yale's 50.4% presence.

According to NACUBO-Commonfund, during 2014, Stanford's endowment had a 14.8% return, compared with 15.5% for endowments the group tracks. Over the past decade, Stanford Management has posted an annualized rate of return of 9.9% and increased assets from $10 billion to $25 billion.

Trade publication Chief Investment Officer earlier reported the personnel departures from Stanford's endowment management arm.

Write to Timothy W. Martin at timothy.martin@wsj.com

 
Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

July 16, 2015 13:30 ET (17:30 GMT)
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