Clear. 65.5   F New York
AI-Powered News Summarizer
U.S.

The head of Yale's massive endowment fund has died

May 6, 2021. Summarized by summa-bot.

Compression ratio: 42.7%. 1 min read.

David F. Swensen, chief investment officer of the Yale University Investments Office, speaks at the John C. Bogle Legacy Forum in New York, U.S., on Tuesday, Jan. 31, 2012. The forum, named after the founder of The Vanguard Group, looks at Bogle's investing strategies and what they mean in today's economic environment. Photographer: Peter Foley/Bloomberg via Getty Images

David Swensen, the long-time chief investment officer at Yale University and a legend in the world of college endowments, died Wednesday at the age of 67.

New York (CNN Business)David Swensen, the long-time chief investment officer at Yale University and a legend in the world of college endowments, died Wednesday at the age of 67.

Swensen graduated from Yale with a Ph. D. in economics in 1980 and then worked briefly at Wall Street investment banks Lehman Brothers and Salomon Brothers before returning to Yale in 1985 as head of the Ivy League school's investment office.

Yale's endowment stood at about $1 billion when Swensen took over.

Swensen is most famous for helping develop the so-called "Yale Model" of institutional investing, a method that many college endowments and charitable organizations have since adopted to manage their own money.

Over the past 30 years, the university's portfolio has returned an average of 12. 4 percent per year, according to the Yale Investment Office.

Swensen was criticized by some in the Yale community in recent years, mainly because the endowment was putting money into funds that continued to invest in fossil fuels.

"Very sad to hear of the passing of David Swensen, CIO of #Yale's endowment, #investment pioneer, and enabler of thousands of #students and faculty," Mohamed El-Erian, an advisor to Allianz and president of Queens' College at Cambridge University, wrote on Twitter.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.

Suggestions