August’s publication summarizes three articles addressing concerns of taxable investors. The first examines the importance of tax management by considering how asset allocation for Yale University might change if it were taxable, the second highlights six trends impacting multi-family office professionals, and the third argues for wealth managers to use lessons learned in pension fund management to better manage client risk.
Given a choice today between competing investment strategies, activists would not be near the top of our list, as the fawning attention over successful activists has narrowed the available opportunity set by boosting the available pool of money and drawing in new managers.
The data and analysis in this report cover a variety of spending topics including spending rule types, the endowment’s support of operations, and effective spending rates. This year’s report also introduces the Cambridge Associates Endowment Spending Model.
The strains on public universities require a new approach to resources, and an increasingly expertly managed endowment fund and fundraising operation are essential to that evolution
In this Edition: Europe focuses further on banking regulations Pending margin rules on uncleared swaps US banks appear to be heeding regulators’ advice on not lending to highly leveraged buyouts New Regulations on the Horizon in Europe US and global regulations start to converge Europe has seen a significant amount of activity on the regulatory…
In This Edition Banking regulations continue to impact hedge funds FSOC moves forward in identifying systemically important financial institutions SEC’s 2014 report provides insight on trends in alternative funds FATCA implementation continues Assessing the Evolving Impact of Banking Regulation on Hedge Funds Hedge funds’ relationships with prime brokers unstable due to new regulations While increased…
Enterprise Analysis and Endowment Performance The portfolio’s enterprise risk is the potential effect of portfolio volatility on the bottom line of your organization. For a given institution, the risk may be lower than Trustees think it is—or it may be higher. How does one measure this risk? How should it be dealt with when constructing…
Why Currency-Hedge Foreign Developed Equities? Jeremy Schwartz and Christopher Gannatti, The Journal of Investing, Fall 2014 Currency hedging is not as costly as many investors think, and interest rate differentials between the US and developed economies may actually lead to income-generating currency hedged investment strategies. With the potential for a US dollar secular rally on…
In This Edition SEC adopts money market fund rule reforms Definitional changes increase pricing for some credit default swaps Revised regulations broaden the classification of commodity pool operators Private equity funds’ treatment of fees and expenses remains on the SEC’s radar US Money Market Fund Reform Not the good news you hoped for After several…
By comparing the net flow rate with the real investment return, an institution can determine whether its LTIP is successfully sustaining its role in the institution’s business model The net flow rate is the regular LTIP payout rate plus reinvested operating surpluses, capital additions, and capital withdrawals. Over the long term, the real investment return…