自己責任の基金運用！

へッジ・ファンドは米国の隅々まで浸透している（ニューヨーク・タイムス紙）

Market Place

After Doing Its Homework, a College Puts Its Money Into Hedge Funds

By JENNY ANDERSON

SAN FRANCISCO

基金の８０％をヘッジ・ファンドに投資し続け、大成功を収めている米国の地方大学の話です。

THE College of Wooster is a small, liberal arts college in Ohio whose graduates have historically gravitated toward careers as Presbyterian ministers, music teachers or college professors, not traditionally high-paid professions.

Yet its endowment is on a roll. Nearly 80 percent of the endowment's assets are invested in hedge funds — making Wooster among the endowments with the largest exposure to hedge funds, according to the National Association of College and University Business Officers.

Still, that strategy has brought it rich rewards: Its endowment has climbed to $250 million today, from $89 million in 1990.

"A bigger endowment allows us to go out and be more competitive with faculty salaries," said Stewart R. Massey, a trustee of the college who has served as chairman of the investment committee for about 14 years. "It allows us to increase financial aid. It allows us to attract better students," he said, speaking on Monday after the MarHedge 12th Annual Mid-Year Institutional Investment Conference in San Francisco, a gathering of institutional investors and hedge fund managers.

Pension plans, endowments and rich people have long grappled with how to understand and invest in the elusive world of hedge funds, lightly regulated investment pools that charge high fees and have fewer investment constraints than mutual funds.

There are currently more than 8,000 funds with $1.2 trillion in assets. Driven largely by institutions like Wooster piling into hedge funds, the sector is expected to maintain its rapid growth.

独断的コメント：

　日本も自己責任の時代になりました。公立大学も独立行政法人となり、自立経営を迫られていますので、米国の一地方大学の経験も役に立つかもしれません。それ以上に、膨大な資産を保有する企業年金もこれからは、生保や信託任せの運用ではなく、自主的な積極運用を行わなくてはならないのでしょう。

更に興味のある方は、　　　　　　↓

http://www.nytimes.com/2006/05/10/business/10place.html?_r=1&oref=slogin&pagewanted=print

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