Foundation & Endowment Money Magazine 11-30-2009
DECEMBER 2009 BUCKEYES EXAMINE DISTRESSED, REAL ASSETSVOL. XII, NO. 12 The Ohio State University is eyeing possible investments in distressedSMU Seeks Investment debt and real assets for its roughly $1.8 billion endowment. The BuckeyesDirector have not carved out a specific target but typically look to invest aroundSouthern Methodist University is $20 million per fund, explained CIO Jonathan Hook. The Columbus-searching for a director of investments based endowment is open to distressed debt trading and distressed-for-to help oversee its private investments. control investment strategies, as well as a wide variety of real assets, See story, page 2 including commodities, energy and farmland. Jonathan HookAt Press Time The school is keen on distressed opportunities because there are stillLebanese School Hires CIO 2 (continued on page 16)Investment Committees Overrate Performance 2 NUNAVUT PONDERS GLOBAL GROWTH MANDATE The C$1.1 billion Nunavut Trust is planning to review long-only equity investments in theSearches second quarter and could look for a global growth manager. The fund invests 21% in globalSouth Carolina Looks To equity but has been underweight for the past two years, said Andrew Campbell, ceo. Emerging Marts 4 One option is a quant manager because its other managers are fundamentally driven, saidOhio School Ponders Private Equity 4 Campbell. The size of the potential mandate has not yet been determined.Miami Dade Examines Commodities 5 The fund is interested in active management. It recently converted a Canadian fixed-Longwood Eyes Consultant 5 income mandate managed by Doherty & Associates to active from passive, said Campbell.People (continued on page 16)EnTrust Taps NEPC Consultant 6 Passport PlayWestfield Hires Marketer 6 INTERNATIONAL EQUITYMarketingCommonfund Launches Cash Strat 7 SEARCHES HEAT UPOttawa Shop Preps Portable Alpha 7 Nonprofits are turning an eye overseas as internationalMorgan Creek Starts Funds 8 equity search activity has increased by 42% over the past 12 months. There were 27 searches over the past year versus 19Departments for previous 12 months, according to FEMM sister databaseFund Focus: The Culver Academies 11 iisearches. Among those searching or pondering the playSearch Directory 14 now are the Wyoming State Treasurer’s Office (see story, (continued on page 16)COPYRIGHT NOTICE: No part of this publication may NONPROFITS EYE INDEXED EQUITYbe copied, photocopied or duplicated in any form or by Indexed equity has been gaining steam again following activeany means without Institutional Investor’s prior writtenconsent. Copying of this publication is in violation of the managers failing to deliver alpha over the past year. FEMMFederal Copyright Law (17 USC 101 et seq.). Violatorsmay be subject to criminal penalties as well as liability Contributing Reporter Joseph D’Allegro spoke with Carter Lyons, managingfor substantial monetary damages, including statutory director of Barclays Global Investors’ Americas Institutional Business; Anjum Hussain,damages up to $100,000 per infringement, costs andattorney’s fees. Copyright 2009 Institutional Investor, director of risk management at Case Western Reserve University; Patrick Burke, head of theInc. All rights reserved. ISSN # 1529-2355 nonprofit group at Vanguard; Bailey Bishop, senior portfolio manager at State Street GlobalFor information regarding subscription ratesand electronic licenses, please contact Dan Lalor at Advisors; and Jeff Pippin, v.p. for finance and administration at Pepperdine University.(212) 224-3045. (continued on page 12) Check www.foundationendowment.com during the week for breaking news and updates
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December 2009 www.foundationendowment.com Foundation & Endowment Money ManagementNorth Carolina School Chooses consists of a fund of hedge funds, but that investment is being liquidated, said Duncan. It is invested in a Russell fund ofBond Manager funds that is being shuttered, and the school plans to park theNorth Carolina Central University has selected Thompson, Siegel returned capital in Treasuries, she added. Part of its review will& Walmsley to manage a fixed-income assignment. The Durham- be to determine how it can redeploy into hedge funds,based school has a $15 million endowment, and the fixed-income explained Duncan.mandate will be roughly $1 million, said Deborah Lane, assistantvice chancellor for administration, finance, operations and project Miami Dade Ponders Commodities,management. NCCU is currently in the contract phase with themanager and hopes to have the Richmond, Va., firm begin Real Estatemanaging the money by Dec. 1, she added. Miami Dade College is examining maiden allocations to NCCU had issued a request for proposals for a bond manager commodities and real estate for its $75 million foundation.this summer (FEMM, 9/7). The search was the result of a The asset classes were suggested by Consulting Servicesdonation it received, which has been previously invested in short- Group at a recent board meeting, when it presented an assetterm fund managed by the State Treasurer’s office. allocation analysis, said E. H. Levering, senior vice provost for business affairs and cfo. The review was part of periodic due diligence, he added. Levering declined to specifyFlorida College To Review Portfolio allocation sizes but noted that managers typically handleFlorida College will review the asset allocation and manager mandates of $5-10 million.roster for its roughly $12 million endowment. The Temple The Miami school also has a $90 million endowment, forTerrace, Fla.-based school currently invests about 40% in fixed which Callan Associates serves as a consultant. Callan is alsoincome, 35% in equities and 25% in alternatives, said Doug reviewing that portfolio and will present its findings either at aNerland, development official. The board is planning to review meeting next quarter or sooner, said Levering.the portfolio as part of an annual process, and there could Miami Dade also recently terminated a small-cap managerpossibly be changes in the next several months, he added. at its September meeting due to underperformance, said Nerland declined to name the managers, but noted there Levering, declining to name the firm. The money has sincewas one active fixed-income manager, with the rest of the been invested in an exchange-traded fund. It has receivedbond exposure passive. The equity portfolio consists of recommendations for a replacement but has not yet taken anymandates run by two firms, while the alternatives slug is action, he noted.comprised of an older private equity investment and a multi-strategy fund that invests in several types of income-generatinginvestments, such as master limited partnerships. Florida New York College Taps MSSBCollege does not use a consultant. Cayuga County Community College Foundation has hired Morgan Stanley Smith Barney to manage its $10 million portfolio. The Auburn, N.Y., school had been usingLongwood Seeks Consultant Northwestern Mutual for the past four years, but decided toThe $40 million Longwood University Foundation is issue a request for proposals as part of periodic due diligence,reviewing its portfolio and conducting a search for a explained Jeff Hoffman, executive director. The move was notconsultant. The Farmville, Va.-based school has been using performance related, and Northwestern was invited to participateRussell Investments as a manager of managers to oversee its in the re-bid process, he added. Cayuga opted for Smith Barneyportfolio since 2001, but has decided to review other because the firm had a more active investment approach that haspossibilities for due diligence reasons, said Hazel Duncan, cfo. fared well in down markets, said Hoffman.It considering both the consultant and manager of manager Cayuga started the search process in February, and hadapproaches, where a firm manages the whole portfolio with planned to wrap up the search earlier. However, two days beforediscretionary authority, she added. Longwood has issued a the board could vote, Citigroup sold its remaining stake in Smithrequest for proposals, which is due Jan. 11. It plans to have the Barney to Morgan Stanley. “That was kind of a big change for uswinner begin work on July 1. to swallow,” said Hoffman. Cayuga now feels comfortable with Longwood is also reviewing the portfolio, which currently the Morgan Stanley transaction and recently inked a deal withhas a 60/40 equity/fixed-income split, with 10% of the equity Smith Barney, he added. The firm is slated to begin managingslug dedicated to alternatives. The alternatives allocation the mandate before the end of the year. To receive email alerts or online access, call 800-715-9195. 5
December 2009 www.foundationendowment.com Foundation & Endowment Money ManagementMarketingCommonfund Kicks Off Cash international and global equity manager research, are now working directly with institutional clients, said spokeswomanManagement Platform Nancy Malinowski. Consultants Michael Tadlock, Tony Brown,Commonfund has launched a new cash management platform to Eileen Kwei and Diana Greenstone left the firm to join Mercerreplace its Short Term Fund, a university favorite that was forced in September, so Fitzenhagen and DeForrest are, in part, takingto halt redemptions in autumn 2008. The Treasury Access over their duties.platform will consist of nine money market funds from three Matthew Schmelzer, who used to focus on domestic equityfund families, said Jon Speare, managing director of treasury research, has now expanded his role to include internationalproducts. The new platform has been under development for and global strategies, as Fitzenhagen has moved on. The firmmonths; the halt of the Short Term Fund left many universities is looking to hire a domestic equity research specialist toin a lurch because they were unable to tap their cash resources for replace Schmelzer.private equity capital calls and spending and had to resort toselling securities holdings (FEMM, 7/27). Commonfund has already signed on two funds from State Ottawa Firm Readies PortableStreet Global Advisors for the platform, and expects to have Alpha Stratan agreement in place with a second fund family in December, Ottawa-based Mountjoy Capital is readying a portable alphasaid Speare. strategy that it is pitching to institutions, including endowments The firm is pitching the platform to many of the Short Term and foundations. The firm is expecting three allocations fromFund investors. “The Short Term Fund was [a single] solution; institutional investors—portable alpha and traditional fund ofthis is built so you can tailor it to what an organization wants for hedge funds—to be funded for a total of $1.5 billion over theliquidity management,” he added. Thus far, Commonfund has next few months, said Rene Levesque, founder.four accounts on the platform, including the University of Portable alpha has taken a beating over the past year, withAlaska. The school had been an investor in the Short Term Fund. many institutions souring on the concept after getting burned. Levesque thinks the problem was the underlying hedge fundsCallan Splits Research Chief Role using too much beta, said Levesque. “It was leveraged beta,” he explained. Those investments were constructed by consultingCallan Associates has named Inga Sweet and Kelly Cliff as co- firms that used the wrong criteria to build a portfolio, chasingleads of its Global Manager Research Group, splitting theposition that was previously held by Greg DeForrest. DeForresthas moved to Fund Sponsor Consulting at Callan and is now a For More Benefitssenior v.p. and investment consultant. Both Sweet and Cliff will keep their present jobs. Cliff is cio Visit Our Web Siteof public markets and the firm’s Trust Advisory Group whileSweet manages the firm’s Published Research Group. Both are • Daily breaking newsalso veterans of the Global Manager Research Group. • News of foundations and endowments seeking managers A spokeswoman emphasized that cost saving considerationsdid not enter into the decision making process. DeForrest’s job • Weekly and month charts of search activity and mandateswas split between Cliff and Sweet to allow for more focused • People moves at foundations, endowments and managerscoverage of the different aspects of manager research, Sweet • Nonprofit investment trendssaid. Cliff will concentrate on big picture issues such as researchphilosophy, investment strategies and trends. Sweet will focus • Fund Focus: profiles of foundations and endowmentson the operational aspects of research, coordinate manager • Asset Class: Q&As examining asset classessearch work flow and oversee quantitative and qualitative • Access to a virtual archive of past issuesanalysis. Most consulting firms have one person overseeing allof manager research. Go online and take advantage of web access to FEMM. The changes in the manager research group are part of a To set up your subscriber password, please contact us atbroader re-shuffling following the departures of several field email@example.com or at 1-800-715-9195.consultants. DeForrest and Lin Fitzenhagen, who oversaw To receive email alerts or online access, call 800-715-9195. 7
December 2009 www.foundationendowment.com Foundation & Endowment Money Managementsaid Tomlin. adding that funds will face additional scrutiny on the source of The fund charges 2.5/20 fees and is targeting an IRR of 25%. information obtained.Tomlin declined to provide actual performance for the first fund. The Galleon case has definitely had an effect on conversations, an event-driven manager in Connecticut said. “In the past, I might have been more casual. Now there’s a song-and-danceGalleon Fallout Locks Hedgies’ Lips every time you have a conversation,” he said. “You don’t want toGalleon Group Founder Raj Rajaratnam’s recent arrest for insider sound smarter than you are in terms of E-mails and phone calls.”trading has made those in the hedge fund industry hesitant to trade And given the informal industry—this particular hedge fundinformation on an informal basis. “The use of wire tapping is manager makes between 30-40 phone calls a day—it’s too badcreating real sensitivity in terms of communications between everyone has to be “super-pedantically careful,” he added.analysts,” Kim Tomsen Budginer, founder of San Francisco-based As far as fundraising goes, since Galleon’s strategy took alaw firm KTB Counsel, said. “Not only are your emails potentially short-term high-frequency trading approach it follows that fundsbeing tracked but also your phone calls as well [...] frankly, people with a similar strategy are most likely to have difficulties in thiswill be more reluctant to trade gossip.” area, said the fund of funds official. Investors will likely be more While analysts receive information through research reports, wary of short-term trading funds in the next few months. “I’msuppliers, customers and competitors, the Galleon case has not going to say fundraising will stop, but it’s just another hurdle.introduced a new level of caution that will hinder And in this environment, no one needs extra hurdles,” he added.conversations. Opinion is divided on whether this will have Not everyone believes the Galleon case will have a huge effectimplications for performance. on performance, due to the abundance of information that is “I think it will hurt performance because a lot of corporations readily available. Plus, “the vast majority of long/short equitywill be scared about giving out information,” said a managing funds have never used insider information,” Donalddirector at a New York-based fund of funds firm. A lawyer Steinbrugge, founder of third-party marketing firm Agecroftagreed. “For hedge funds seeking an informational edge, it will Partners, added. “And those that have historically used insiderreally impair their ability to seek that edge,” the lawyer said, information will think twice.”
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December 2009 www.foundationendowment.com Foundation & Endowment Money Management 50% to alternatives such as long/short hedge funds, global macro funds, and event-driven strategies. It also allocates 20% to domestic and international equity, 5% to hybrid funds, and FUND FOCUS another 5% to private equity. The consultant, who serves as an extension of the school’s in- house personnel, performs due diligence and advises the school on manager selection. “We believe in outsourcing, whereCulver Boosts Alternatives appropriate,” Adams noted. He added that the school choosesThe Culver Academies recently added a total of $14 million in managers based on their track record, expertise, tenure andsovereign debt, managed futures, global resources and long/short turnover of key personnel and the lack of deviation from statedmarket neutral holdings to its $200 million endowment. The investment procedure. “We don’t like style drift,” Adams said. Hefour new active investments ($2 million for sovereign debt, $2 also said the school avoids leveraged managers and requiresmillion for managed futures, $4 million for global resources, and adequate liquidity for its investments.$6 million for long/short market neutral) were funded by The Culver, Ind., preparatory school was created in 1894 as areducing cash, said Jeffrey Adams the chair of the school’s boys’ military academy, but has since evolved into a co-finance and investment committee. educational facility. Besides Adams, the investment committee Earlier this year, the school reduced its domestic equity includes Jim Brooks, former ceo of Beverage America; Peterexposure and has continued to maintain a relatively high cash Fasseas, chairman of Metropolitan Bank Group; Paul Gignilliat,position (20%) in order to have dry powder for future senior v.p. of UBS Financial Services; Jim Henderson, retiredopportunities when markets return to reduced levels of volatility. chairman and ceo of Cummins Inc.; Robie Vaughn, chairman ofTo maximize diversity, the school favors the fund of funds Vaughn Petroleum; Miles White, chairman and ceo of Abbottapproach, and none of its 25 active managers hold more than 5% Labs; Larry Wilson, retired chairman and ceo of Rohm andof the endowment’s total assets, said Adams, who took over the Haas; and John Buxton, head of Culver Schools.chairmanship earlier this year. For the fiscal year ending June 30, the fund returned -12.86% Personal– more than twice the performance of many sophisticated Adams retired as president and director of Wilmington Trust-endowments, such as Harvard Management Company, which Georgia where he served from 2003 to 2005 and led the bank’slost 27.3% in the same period. Through Sept. 30, trailing 12- wealth advisory/federal savings bank office. From 1995-2003, hemonth performance at Culver was 0.82%, trailing three-year served as executive v.p. for Balentine & Company, a registeredperformance was 1.96%, and trailing five years was 5.16%. The investment advisory firm later acquired by Wilmington Trust.fund emphasizes downside protection without sacrificing needed From 1976 to 1995, he was an attorney with Alston & Bird inupside through careful selection and monitoring of a diversified Atlanta. He earned his bachelor’s degree in English and politicalslate of active alternative managers, said Adams. science from the University of North Carolina in 1973, and his law degree from Yale Law School in 1976. He recently co-History founded investment advisory firm Balentine L.L.C.Until 2001, the endowment had a traditional asset mix of Along with his duties at Culver, Adams serves as a trustee atapproximately 60% domestic equity and 40% domestic bonds. Young Harris College, and chairs its marketing committee, andThat year, however, the fund hired Managing Director Brian also serves as board chair at the Care and Counseling Center ofHunter of Strategic Capital Allocation Group in Boston to serve Georgia. Adams lives in Atlanta with his wife, Corinne; theyas its first consultant and soon thereafter began adapting a more have two grown children. In his free time, he enjoys golf, travel,progressive investment strategy. private investing and reading—especially biographical and Besides the aforementioned 20% cash slug, the fund allocates historical novels. PRINT IT OUT. DOWNLOAD IT. YOUR CHOICE. Subscribers can access their copy of Foundation & Endowment Money management at www.foundationendowment.com. To set up your subscriber password, contact email@example.com or call (800) 715-9195 between 8:00 a.m. and 6 p.m.
December 2009 www.foundationendowment.com Foundation & Endowment Money Managementuse indexing as a default strategy and bring in active management benchmarks. While the index concept is relatively simple,in situations where there is high conviction that the manager can quality execution requires skill and experience. You also needproduce alpha on a sustained basis. to understand the firm’s securities lending program, how the revenue from it is allocated, and whether that allocation Lyons: For nonprofits, one of the biggest creates any conflicts between the manager and your issues is how to deal with inflation. Two areas organization. of passive management we have seen grow recently are commodities and Treasury Lyons: Manager selection is extremely important with indexed Inflation Linked Securities since they can investments. An investor should look carefully at the firm’s potentially commitment to the passive protect an business and the resources Carter Lyons investor “Manager selection is not relevant with the manager deploys withinshould we enter a more indexed investments unless you are their indexing teaminflationary environment. (technology, portfolioAnother area where we have obtaining this exposure via exchange managers, traders, riskseen an uptick in demand is traded funds or mutual funds.” managers, etc.). Price is onlytraditionally illiquid markets one component of the overallsuch as real estate and private equity. due diligence that should be performed before selecting an index manager.FEMM: How important is manager selection with indexedinvestments? What should you look for in a manager? Hussain: Manager selection is not relevantBurke: Selecting the right index manager is just as important with indexed investments unless you areas choosing the right active manager, but it might be a little obtaining this exposure via exchange tradedeasier because some of the key selection criteria are more funds or mutual funds. Fees and expensesreadily apparent. Some of the selection criteria include an plus the tracking error of the chosen vehicleevaluation of costs, tracking precision, investment approach versus the relevant benchmark are the Anjum Hussain(i.e., full replication vs. optimization) and the underlying bigger concerns. FOUNDATION & ENDOWMENT MONEY MANAGEMENT WEEKLY NEWS & SEARCH ALERT The weekly FEMM email features: • Search chart that includes potential, new, updated and completed manager and consultant searches • Exclusive news on what the top asset managers are doing, what funds are launching and what their strategies are • Exclusive interviews get inside the heads of trustees and senior executive at nonprofits to learn their investment strategies first-hand • News of personnel changes at foundations & endowments and much more! • Get a comprehensive round up of the week’s top news
December 2009 www.foundationendowment.com Foundation & Endowment Money ManagementPotential Searches (cont’d) Total AccountFund & City Amount Assignment Size Consultant Comments/Firm HiredWisconsin Alumni Research Foundation, USD1,500 U.S. / Active Equity N/A NEPC, Cambridge, MA The fund has plans to seek a long only equity manager next year.Madison, WIWisconsin Alumni Research Foundation, USD1,500 U.S. / Hedge Funds N/A NEPC, Cambridge, MA The fund has plans to seek a hedge fund manager next year.Madison, WIWisconsin Alumni Research Foundation, USD1,500 Emerging Markets / N/A NEPC, Cambridge, MA The fund has plans to seek an emerging marketsMadison, WI Active Equity equity manager next year.New SearchesLongwood University, Farmville, VA USD30 Global / Consultant USD30 None The fund has issued a request for proposals seeking an investment consultant. All proposals are due by Jan. 11. A selection is slated for the second quarter.University of Puget Sound, Tacoma, WA USD218 U.S. / Alternative / USD21.80 Fund Evaluation Group, The endowment is eyeing a potential boost to its real asset portfolio Real Assets Cincinnati and may target private energy and commodities for the increase.Updated SearchesBaylor College of Medicine, Houston USD811 U.S. / Asset Study USD725 Hewitt Associates, The fund may consider an increase to it real estate portfolio next year. Lincolnshire, ILCatholic University of America, USD165 U.S. / Active Equity N/A Cambridge Associates, Acadian Asset Management has been removed from the fund’sWashington, DC Menlo Park, CA watch list, due to improved performance. The firm managed a large-cap equity account.Catholic University of America, USD165 International / Active Equity N/A Cambridge Associates, Acadian Asset Management has been removed from the fund’sWashington, DC Menlo Park, CA watch list, due to improved performance. The firm managed an international equity account.Franciscan Missionaries of Our Lady USD800 U.S. / Cash N/A Cambridge Associates, The fund has upped allocations to cash. The increase which will beHealth System, Baton Rouge, LA Menlo Park, CA handled by its custodian JPMorgan.Harvey Mudd College, Claremont, CA USD174.10 U.S. / Active Fixed Income N/A Cambridge Associates, Barclays Global Investors has been dropped from the fund’s Boston fixed income portfolio, for unspecified reasons.Mount St. Mary’s College, Los Angeles USD73.40 Global / Asset Study USD77 Cambridge Associates, The fund has recently completed its asset study and has done some Menlo Park, CA changes in its manager roster.Norwich University, Northfield, VT USD150 U.S. / Active Fixed Income USD5 Cambridge Associates, Boston The fund has terminated Brandywine Global Investment Management, due to unspecified reaons.Pine Crest Preparatory School, USD37 U.S. / Active Fixed Income USD1.60 Morgan Stanley Investment The foundation has upped its fixed income exposure to 22% from 17%Fort Lauderdale, FL Consulting, New York as it sought to stabilize its portfolio.Pitzer College, Claremont, CA USD84 U.S. / Active Equity USD0.75 Hammond Associates, The fund recently dropped a small-cap equity mandate run by / Small-Cap St. Louis North Point Portfolio Managers.St. Lawrence University, Canton, NY USD180 U.S. / Active Fixed Income N/A Cambridge Associates, The fund has terminated Silver Point Capital from its active / Absolute Return Arlington, VA fixed income,absolute return portfolio due to performance reasons.University of Houston, Houston USD450 U.S. / Hedge Funds USD20 Cambridge Associates, Boston The endowment has upped its hedge fund allocations to 12% from 7.1%. The increase did not result in a search for managers as it was distributed among its incumbents.Western Pennsylvania School for USD113 U.S. / Asset Study USD113 Wilshire Associates, The fund has recently completed its asset study and has not initiatedBlind Children, Pittsburgh Pittsburgh any essential changes in the portfolio.Completed SearchesBaylor College of Medicine, Houston USD811 U.S. / Multi Asset N/A Hewitt Associates, Barclays Global Investors Independence, OHBeloit College, Beloit, WI USD85 U.S. / Passive Equity USD28 State Street Global State Street Global Advisors Advisors, BostonBraille Institute of America, Los Angeles USD80 U.S. / Active Fixed Income USD7 Cambridge Associates, Boston Income Research & ManagementColorado State University Foundation, USD210 U.S. / Active Equity USD5 Monticello Associates, UnknownFort Collins, CO DenverColorado State University Foundation, USD210 U.S. / Active Equity N/A Monticello Associates, UnknownFort Collins, CO DenverFranciscan Missionaries of Our Lady USD800 U.S. / Active Fixed Income USD5 Cambridge Associates, The Vanguard GroupHealth System, Baton Rouge, LA St. LouisGroton School, Groton, MA USD261 U.S. / Hedge Funds N/A Cambridge Associates, Elliott International BostonIthaca College, Ithaca, NY USD178 Global / Active Fixed Income USD10 Prime, Buchholz & State Street Global Advisors Associates, Portsmouth, NH To receive email alerts or online access, call 800-715-9195. 15