Endowment Asset Management Investment Strategies in Oxford and Cambridge

Author: Shanta Acharya; Elroy Dimson
Publisher: Oxford University Press
ISBN: 9780199210916
Published In: April 2007
Format: Hardback , 386 pages
Jurisdiction: U.K., U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents
Author
Reviews

Details
- A unique study which provides a view of the institutional framework of endowment management at a number of Oxford and Cambridge colleges
- Uses a combination of interviews, historical evidence, and survey data to understand how institutions provide for the future
- Comparisons with US practice is consistently made
There is a profound linkage between the quality of a university and its financial resources. The universities of Oxford and Cambridge rank among the world's finest educational institutions, and are able to draw on invested assets that are large by any standards. Endowment Asset Management explores how the colleges that comprise these two great universities make their investment decisions.

Oxford and Cambridge are collegiate institutions, each consisting of a federal university and over 30 constituent colleges. While the colleges may have ostensibly similar missions, they are governed independently. Since they interpret their investment objectives differently, this gives rise to some remarkably dissimilar approaches to investment, which the authors explore in detail.

The first study of its kind, Endowment Asset Management analyses the objectives, investment philosophy, asset management and governance of over 60 college and university endowment funds. Drawing on exhaustive research and detailed discussions with Oxford and Cambridge investment bursars, the authors investigate issues such as asset allocation and spending policy, which have a major influence on the institutions' financial health. This study reveals the colleges' individualism and diversity, and carefully analyses their strategies, which range from the traditional to cutting edge.

The authors' findings are thought provoking for anyone concerned with the assets of foundations, endowments, charities, family offices, or trusts. All investors with a long-term investment horizon will find it extremely engaging.

Readership: Academics, portfolio managers, investment scholars, investment advisers, and university trustees.
1: Endowment Definition
2: The Investment Committee
3: Investment Objective
4: Spending Policy
5: Asset Allocation
6: Investing in Property
7: Issues in Portfolio Management
8: Portfolio Risk
9: Consultant Selection and Monitoring
10: Manager Selection and Monitoring
11: Socially Responsible Investment
12: Performance Measurement
13: Endowment Management Cost
14: Fund Raising: Role of Gifts
15: Conclusion
Shanta Acharya, London Business School, and Elroy Dimson, London Business School
"All in all, Archarya & Dimson are to be hugely praised for producing a really useful and solid book, full of thought-provoking and stimulating material" - David Palfreyman, Oxford Magazine

"A thought provoking read." - Wealth Management