Securities Lending: An Introduction
This primer discusses securities lending programs.
Governance and Management
Liquidity Considerations in Today’s Environment
Due to the recent market volatility, many investors may be facing a liquidity crunch, and some a severe liquidity crisis. This paper is designed to outline a coherent process for assessing the sources and uses of cash, examine the implications of different decisions investors might make about their liquidity needs, and recommend some general guidelines…
Surviving the Bear Market – An Investor’s Guide
During prolonged bear markets, investors naturally focus on how best to allocate portfolio assets to ensure they are not wholly exposed to the full brunt of declining equity prices. However, as the economy deteriorates and the financial sector in particular suffers declining revenue and job losses, investors should also consider whether they have increased exposure…
Investment Committee Governance
A concise review of issues pertinent to investment committee members, particularly (1) the law applicable to fiduciary responsibility; (2) its enforcement; (3) its evolving interpretation; and (4) second-order effects centering on changing views of accountability and risk, and coming from auditors and debt rating agencies.
Conflicts of Interest
This report examines state and federal law governing the fiduciary responsibilities of nonprofit entities, particularly investment committees, and IRS enforcement of transactions involving “excess benefit” and “disqualified persons.” Exhibits include sample conflict of interest and disclosure policies.
Assets Under Management
As assets under management grow, investment flexibility is limited and managers must make choices. How much money can investment managers take in before the ability to add value fades away to market returns minus fees?
Summary Observations on the 2003 Tax Act
Observations on investment implications from the 2003 Tax Act.
Transition Management
This extensive report examines the cost components of moving assets between managers, the relative merits of five methods for moving those assets, and selection criteria for choosing a transition manager.
Unrelated Business Income Tax (UBIT): An Introduction
A primer on UBIT including a clarification of rules governing its application and circumstances when this tax may be incurred.
An Overview Of Endowment Management Costs
This survey-based report examines five main areas of endowment management expense (investment management, investment supervision, custody, legal, and accounting/audit) and explores funding sources for each.