Wall Street Playing The Hunger Games: College Endowment Edition

May the odds be ever in your favor (to score those fees).
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Apavlo at the English language Wikipedia [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons

Apavlo at the English language Wikipedia [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons

It turns out that there are more than 4,000 colleges and universities in the U.S., and not all of them are Harvard or Yale or Amherst or even Brown, in that they don’t have enough money or future hedge fund managers on staff to effectively manage their endowments so that they might one day become Harvard or Yale or Amherst or, at worst, Brown. Those benighted campuses without a few tens of billions of dollars in the bank would just buy savings bonds or, if they were lucky, hand it all over to TIAA-CREF. But now, TIAA is engaged in mortal combat for those mandates.

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….

Almost 80 investment firms have sprung up to target foundations, family offices and colleges, up from just a few a decade ago….

About $100 billion has been outsourced in higher education, more than doubling since 2010, according to data compiled by Bloomberg using surveys from the National Association of College and University Business Officers and Commonfund.

Wall Street Redoubles Fight to Manage $100 Billion at Endowments [Bloomberg]

Related

Wall Street Journal Columnist Can't Believe He Has To Breathe The Same Air As Worthless Pieces Of Shit That Are Today's College Grads

Once upon a time, as in two years ago, Wall Street Journal foreign-affairs columnist Bret Stephens hired an intern from West Point who blew him away with her accomplishments and talent. When she wasn't performing "field exercises in which she kept a bullet proof vest on at all times, even while sleeping" she was writing "brilliantly" and was one of the most "self-effacing" people Stephens had ever met. Currently, the former intern is fighting the Taliban in Afghanistan and to this day, whenever Stephens thinks of her, he is awed and impressed, as most people would be. Unfortunately, he probably won't have the opportunity to hire another individual of her caliber, because approximately 99% of this woman's generation is made up of despicable low-life scumbags who exist to make Stephens sick. Take a guy Bret interviewed a couple months back. Kid had an "astonishingly high GPA from an Ivy League university and aspirations to write about Middle East politics." The two got to chatting about Suez Crisis of '56 and over the course of the chat it became apparent that this kid "didn't know who was the president of the United States in 1956. And he didn't know who succeeded that president." Know where that guy is now? In Bret Stephens's meat locker, as he well should be. And while Stephens hasn't had the opportunity to interview each and every member of the Class of 2012, he's doesn't have to in order to know what they're all about, which is being a bunch of degenerate jerk-offs who suck at their parents' teat because they can't get the jobs they don't deserve that aren't available because they are commies who voted for Obama. Sayth Stephens: Dear Class of 2012: Allow me to be the first one not to congratulate you. Through exertions that—let's be honest—were probably less than heroic, most of you have spent the last few years getting inflated grades in useless subjects in order to obtain a debased degree. Now you're entering a lousy economy, courtesy of the very president whom you, as freshmen, voted for with such enthusiasm. Please spare us the self-pity about how tough it is to look for a job while living with your parents. They're the ones who spent a fortune on your education only to get you back— return-to-sender, forwarding address unknown...If you're like [West Point] intern, please feel free to feel sorry for yourself. Just remember she doesn't. Unfortunately, dear graduates, chances are you're nothing like her. And don't you ever forget it, pieces of garbage. To read through your CVs, dear graduates, is to be assaulted by endless Advertisements for Myself. Here you are, 21 or 22 years old, claiming to have accomplished feats in past summer internships or at your school newspaper that would be hard to credit in a biography of Walter Lippmann or Ernie Pyle...In every generation there's a strong tendency for everyone to think like everyone else. But your generation has an especially bad case, because your mass conformism is masked by the appearance of mass nonconformism. It's a point I learned from my West Point intern, when I asked her what it was like to lead such a uniformed existence. Her answer stayed with me: Wearing a uniform, she said, helped her figure out what it was that really distinguished her as an individual. Now she's a second lieutenant, leading a life of meaning and honor, figuring out how to Think Different for the sake of a cause that counts. Not many of you will be able to follow in her precise footsteps, nor do you need to do so. But if you can just manage to tone down your egos, shape up your minds, and think unfashionable thoughts, you just might be able to do something worthy with your lives. And even get a job. Good luck! Stephens: To The Class Of 2012 [WSJ]