In a recent article in Worcester Business Journal, the College of the Holy Cross was among the colleges spotlighted for a discussion on the current state of their endowments. Chief investment officer at the College, Tim Jarry ’00, spoke to WBJ about how Holy Cross is dealing with the aftereffects of the recent recession. While Holy Cross, among other institutions like Worcester Polytechnic Institute, has not fully bounced back to pre-recession levels, strategic changes have been made to streamline the management of the endowment.
“When Jarry took over in 2011, the school’s endowment funds spread across 60 different managers, with some controlling a minuscule amount of money,” reporter Michael Novinson writes. “Now Holy Cross utilizes 35 managers—well below the peer institution average of 50.8, according to NACUBO. Its top five managers control 40 percent of the endowment. Holy Cross also began managing up to 10 percent of its endowment internally through the use of exchange-traded funds (ETFs), a passive strategy that tracks and replicates a portion of the market. ETFs provide the school with low-cost exposure to different segments.”
This “Holy Cross in the News” item is by Evangelia Stefanakos ’14.
For additional information, please contact Cristal Steuer at 508-793-2419.
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