Synopses & Reviews
Having achieved impressive returns over a number of years, foundations and endowments are finally being recognized as investment powerhouses. With sophisticated portfolios managed by talented financial professionals, these institutions have become increasingly influential due to their long-term perspectivewhich gives them the latitude to take more investment risks and adopt new asset classes long before other investors.
Now, in Foundation and Endowment Investing, authors Lawrence Kochard and Cathleen Rittereiser offer you a detailed look at this fascinating world and the strategies used to achieve success within it. Filled with in-depth insights and expert advice, this reliable resource profiles twelve of the most accomplished Chief Investment Officers within today's foundation and endowment community; chronicling their experiences, investment philosophies, and the challenges they face in allocating assets, managing risks, and selecting from an increasingly complex set of investment opportunities.
Some of the individuals you'll hear from along the way include:
Laurie Hoagland, CIO, Hewlett Foundation
Scott C. Malpass, CIO, University of Notre Dame
Alice Handy, CIO, Investure, LLC
William Spitz, CIO, Vanderbilt University
Don Lindsey, CIO, George Washington University
Ellen Shuman, Vice President and CIO, Carnegie Corporation of New York
While each professional profiled skillfully discusses the strategies used to improve the financial health of their respective institutions, they also take the time to bridge the gap between theory and practice by describing how to apply the principles they've pioneered in real-world market conditions.
Besides providing you with the practical perspectives of top investors and institutions, Foundation and Endowment Investingthrough the combined expertise of two well-informed authorsclearly lays out the basic background and current landscape of this ever-evolving industry, and shares important lessons that can be used by those in the broader investment community.
As investors, we all want to do a better job establishing a disciplined investment process in order to generate better returns on our portfoliowhether it's for the benefit of an institution or our families. With Foundation and Endowment Investing as your guide, you'll discover how to do this and much more as you gain from the experience of today's top investment officers.
Review
"…informative and entertaining…an excellent resource for anyone who is considering a career move into this field or who has not-for-profit organizations as clients." (Financial Analysts Journal, July/August 2008)
Synopsis
In Foundation and Endowment Investing, authors Lawrence Kochard and Cathleen Rittereiser offer you a detailed look at this fascinating world and the strategies used to achieve success within it. Filled with in-depth insights and expert advice, this reliable resource profiles twelve of the most accomplished Chief Investment Officers within today’s foundation and endowment community—chronicling their experiences, investment philosophies, and the challenges they face—and shares important lessons that can be used as you go about your own investment endeavors.
Synopsis
Foundation and Endowment Investing provides a detailed look at the successful investment approaches used by today’s leading foundations and endowments. Foundation and Endowment Investing profiles a number of accomplished Chief Investment Officers within this respective field; chronicling their experiences, investment philosophies, and the challenges they face in allocating assets, managing risks, and selecting from an increasingly sophisticated set of investment opportunities. With this book as their guide, readers will gain valuable insights into the philosophies of foundation and endowment investment managers, and discover how to integrate their ideas and strategies—from asset allocation to investing for the long term—into their portfolios.
Synopsis
Praise for Foundation & Endowment Investing"Larry Kochard and Cathleen Rittereiser have created a text that is an essential read for institutional investors. This book provides an excellent perspective on the evolution of institutional investing as well as on more topical issues regarding asset allocation and the emergence of alternative asset classes. The authors have done the investment community a great service by consolidating and sharing the collective experiences and outlooks of noted thought-leaders within the industry."
— Afsaneh Beschloss, CEO and CIO, The Rock Creek Group, Chairman of the Investment Committee of the Ford Foundation
"A must-read for all CIOs, investment managers, marketers, board members, and all those who call themselves investment professionals. Larry and Cathleen provide profound insight into the innermost thoughts behind the best and the brightest in the endowment world. These are profound anecdotes—read this book!"
— Churchill G. Franklin, Executive Vice President and Chief Operating Officer, Acadian Asset Management, Inc.
"Larry and Cathleen are gifted investors themselves and they have used their skills to bring out the best from a wonderful group of foundation and endowment CIOs. The result is very thought-provoking."
—Thomas J. Healey, Board Member, Georgetown University
"The authors have written an insightful book that highlights the growing importance of the Chief Investment Officer in the increasingly complex world of foundation and endowment investments. By examining the various CIOs' career paths, investment philosophies, challenges, and successes, the book imparts practical advice for others in the field. Anyone interested in investment management will find this book particularly valuable."
— George W. Wellde Jr., Managing Director, Goldman, Sachs & Co.
Synopsis
"The profiles in capital series"--Jacket.
About the Author
Lawrence E. Kochard, PHD, CFA, is Chief Investment Officer of the Georgetown University endowment and a widely recognized leader in the foundation and endowment investing community. Previously, he was managing director of equity and hedge fund investments for the Virginia Retirement System and an adjunct finance professor at the University of Virginia. Kochard was also a vice president with Goldman Sachs.
Cathleen M. Rittereiser is an alternative investments marketing and business development executive specializing in foundations, endowments, and other institutional investors. Her experience includes Alternative Asset Managers, LP, an emerging manager investment fund, Symphony Asset Management, a Nuveen Investments company, and Merrill Lynch. Rittereiser's Web site is www.cathleenrittereiser.com.
Table of Contents
Foreword.
Preface.
Acknowledgments.
About the Authors.
Part One. Foundations and Endowments Rise as Powerful Institutional Investors.
Chapter 1. The Evolution of Foundation and Endowment Investment Management From Poorhouses to Powerhouses.
Chapter 2. Foundation and Endowment Investing 101 Essential Practices of a Successful CIO.
Chapter 3. The Investment Landscape You Are Here.
Part Two. Profiles in Capital: Philosophies and Strategies from Leading Foundation and Endowment Chief Investment Officers.
Chapter 4. Laurie Hoagland, CIO, Hewlett Foundation Another Sage of Omaha.
Chapter 5. Dr. Allan S. Bufferd, Treasurer Emeritus, Massachusetts Institute of Technology Doctor, Lawyer, Investment Chief.
Chapter 6. Alice Handy, CIO, Investure, LLC Leading the Evolution.
Chapter 7. Scott C. Malpass, CIO, University of Notre Dame Partner, Patriot, and Performer.
Chapter 8. William Spitz, CIO, Vanderbilt University Built An Endowment through Common Sense.
Chapter 9. Ellen Shuman, Vice President And CIO, Carnegie Corporation of New York Investment Artist with her Own Perspective.
Chapter 10. Bruce Madding, CIO, Henry J. Kaiser Family Foundation Master of All Trades.
Chapter 11. Bob Boldt, CIO, Agility Funds Agile Investment Engineer.
Chapter 12. Don Lindsey, CIO, George Washington University Driven by Intellectual Curiosity.
Chapter 13. Jonathan Hook, CIO, Baylor University The CIO as CEO.
Chapter 14. Daniel J. Kingston, Managing Director, Portfolio Management, Vulcan Capital Navigating New Investment Waters.
Chapter 15. Mark W. Yusko, Chief Investment Officer, Morgan Creek Capital Management Invest without Emotion, Act with Conviction.
Part Three. Summary and Analysis. Key Points on Investments, Endowment Management and the Future.
Chapter 16. Lessons for Investors CIO Principles in the Real World.
Chapter 17. The Business of Foundation and Endowment Investment Management
Comparison, Competition, Compensation.
Chapter 18. Real Rewards Investing is a People Business.
Notes.
Index.