In today’s dynamic funding and operating environment, a lot is at stake for public colleges and universities and their endowments. The public university endowment is more than a static funding source; with strong stewardship, a growing endowment can transform a university’s financial equation. The most forward-thinking public universities use their endowments for far more than […]
January 2024
This paper discusses the qualified professional asset manager (QPAM) exemption, an established, ERISA-approved exemption related to private investing programs. The US Department of Labor (DOL) published its Final Amendment of the exemption on April 3, 2024 which will be effective as of June 17, 2024. Plans wishing to undertake a QPAM transaction should consult with […]
November 2023
Creating portfolios that are customized to a family’s unique investment goals and risk tolerance requires ingenuity and flexible thinking. However, the execution of risk management should be more systematic. It depends on setting clear frameworks to monitor risks, consistently implementing those frameworks to ensure one’s understanding of the portfolio remains current, and regularly communicating the […]
October 2023
On August 23, 2023, the U.S. Securities and Exchange Commission adopted the most extensive reforms for the private investment industry since the Dodd-Frank Act of 2010. The reforms include many noteworthy aspects that we, and the industry, are still reviewing closely. Below are a few key changes: Fee & Expense Transparency. The new rules require […]
August 2023
Private credit has become a popular asset class among pension plan sponsors seeking yield enhancement over their public fixed income allocations. The non-bank finance market has flourished since the Global Financial Crisis due to a more restrictive bank regulatory environment, resulting in reduced bank lending activity, and a wide range of private credit opportunities are […]
July 2023
Saving on Pension Benefit Guaranty Corporation (PBGC) premiums has long been at the forefront of many pension risk management decisions. When interest rates were near historic lows during 2019 and 2020, many single-employer plan sponsors changed their methodology for calculating these premiums to reduce their tax obligation to the federal government. Although it appeared like […]
July 2023
For families of significant wealth, complexity is a natural byproduct of a well-managed portfolio. A dynamic portfolio can help address a number of investment challenges that families of wealth face, including varying multigenerational preferences, unique tax considerations, domicile requirements, and specific beneficiary needs. Yet there is also such a thing as overcomplexity, which can waste […]
June 2023
Inflation is having a moment. After laying low and playing a minor role in institutional financial decisions for decades, inflation has soared, dominating headlines and raising expectations for future costs. In addition to its impact on financial markets and investment portfolios, inflation increases the costs of delivering the nonprofit mission and makes it more challenging […]
May 2023
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