Wall Street Redoubles Fight to Manage $100 Billion at Endowments
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Funds turn to outside managers to run complex portfolios
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TIAA brought company president to Connecticut college pitch
When the University of Connecticut sought help managing a slice of its small endowment, TIAA found it was competing with 26 other money managers. So the financial services giant sent its biggest gun: President Roger Ferguson, a former vice chairman of the Federal Reserve, to pitch in person.
Helping endowments manage their investments has grown into an almost $100 billion business that’s attracted stiff competition from banks, consultants and boutiques. Almost 80 investment firms have sprung up to target foundations, family offices and colleges, up from just a few a decade ago, according to Charles Skorina, an executive recruiter in San Francisco who writes a widely followed newsletter about the endowment business…
Wall Street Redoubles Fight to Manage $100 Billion at Endowments
