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发表于 2010-11-23 19:14
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CASE STUDY #2+ k3 z$ h. k. ], C2 t
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Opportunity Description:
/ c e! z9 U% U. tThe University of Calgary has formed an Endowment Fund review Working Group. An external consultant is required to conduct with the Working Group an overall fund review that focuses on the investment structure of the endowment fund.' S% n* @& `* W9 ]: K7 ?
: C9 ?7 s0 W1 ?- k9 i) }+ tThe review will incorporate a study of the liability structure, capital market expectations, risk/return objectives, asset mix, performance benchmark, manager(s) structure, global equity exposures, currency exposures and the potential role and appropriateness of alternative investment strategies for the fund at this time. In addition, the review process shall incorporate strong elements of risk budgeting.
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The Working Group will work with the successful Proponent(s) to identify issues, opportunities, evaluate and rank factors. The consultant will address the objectives and deliver a report back to the Working Group. The Working Group will consider and discuss the conclusions in the consultant's report and make appropriate recommendations to the University of Calgary's Investment Committee." [) l0 W. o y E" P
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Potential recommendations arising from the study may include:) a$ L4 z" z' f9 Y5 L8 a
• Asset Mix, Performance Benchmark and necessary revisions to existing investment policy ~- ]+ `. C& N
• Level of diversification among asset classes and asset class sub-segments including style (growth, value, core) and capitalization (large, mid, small), geographic exposures (developed markets, emerging markets)
& b0 _; @3 }. T' R8 J* V• Methods for risk control (asset weighting, re-balancing, risk budgeting)
4 A& _6 @6 Z6 y7 C/ o2 b• Approach to currency risk management* y* |' p" C- w+ W7 q2 Z1 @1 x
• Manager structure and manager mandates/ N I! D% p) k9 k
• Systemization of endowment management and record keeping
, x2 \8 H' }& x1 E+ w• Other issues as identified. j5 W. O1 R4 W( J
The Working Group reserves the right to work with one or more Proponents, based on their competencies to manage the full scope of this project. |
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