This was later changed and the sponsor was required to create an endowment fund, the interest from which would provide income for the academy.
He made the donation to establish the Dr Tom Parry Jones Endowment Fund 10 years ago with the aim of promoting science and engineering entrepreneurship in young people.
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As well as setting up a new investment office to oversee the management of its endowment fund, she shifted the asset mix from traditional to one modeled on an increasingly sophisticated and actively managed portfolio, similar to that employed by Harvard.
But it certainly does make alumni fundraising difficult, as the scholarship looks to create an endowment to fund its continued expansion.
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The work will be funded by the Croxteth Estate Endowment Trust Fund.
This reduction comes as large institutions such as pension and endowment funds pressure fund managers to lower fees in response to lower fund returns in recent years.
Indeed, donor-advised funds, both those run by community foundations like the Trust and those affiliated with investment firms, such as the Fidelity Charitable Gift Fund, the Vanguard Charitable Endowment Program, and the Schwab Charitable Fund, are a fine way for folks who aren't rich enough to set up their own private foundations to funnel money over time to their favorite charities.
Every mutual fund, endowment and family office drank Greenberg's Kool-Aid, and trusted whatever he told them.
In theory, a focus on low volatility makes little sense for a pension fund or college endowment which has the luxury of taking the longer-term view.
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Rochester citizens persuaded Eastman Kodak (still headquartered in that city today) and other local businesses to chip in and fund construction of a modern addition and an endowment.
Some are the charitable arm of for-profit financial services institutions such as the Fidelity Charitable Gift Fund, the Schwab Charitable, and the Vanguard Charitable Endowment Program.
Don Fehrs, head of research at Evanston Capital Management, a hedge fund and a former head of Cornell's endowment thinks it is becoming harder for them to maintain their advantage because, predictably, copycat investors have piled into areas they once had largely to themselves.
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In America, hedge-fund investment, which among institutions used to be largely confined to endowment funds, is spreading to pension funds and insurers.
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