The content contained herein is purely for informational purposes and is neither an offer to sell nor a solicitation of an offer to purchase any securities. Such an offer will only be made to pre-qualified investors by means of a confidential private placement memorandum and related subscription documents.

Greek Debt Crisis: Is a Grexit Looming?

The Greek government is running out of time and money. 

Hirtle Callaghan has been following the news on Greece’s financial troubles closely.  Greece must quickly reach a deal with its eurozone partners to avoid defaulting on its payment owed to the IMF on June 30th.  This potential exit of Greece from the Euro has been termed the “Grexit.”

Hopes for an agreement have been raised, but if the Greek government defaults on its loans it risks losing liquidity from the European Central Bank and could potentially return to the pre-Euro currency, the drachma.

We have been in discussion with economic experts at our manager partners and several common themes have emerged that we wanted to share with our community. 

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Endowment Management: From the CFO Perspective

John Griffith, Hirtle Callaghan's Endowment Risk Specialist, attended the annual meeting of the Association of Independent Colleges and Universities of Pennsylvania (AICUP) on June 11th in Hershey, PA.  At the meeting John chaired a panel of college CFOs discussing the alternative models of managing the endowments (outsourced, in house and consultant).  The panel focused on governance and the increasingly difficult task of managing an endowment within the Trustee schedule of 3 or 4 meetings per year.  Even in the best scenario with additional meetings and strong Trustees, investment opportunities are missed and meetings often get bogged down in the details, leaving little time for boards to think and act strategically.

The panel concluded that Trustee Risk may be one of the largest risks to endowment management.  From the panel's perspective, outsourcing was identified as the optimal solution as this structure strengthens the Trustee's ability to focus on the long-term strategic priorities of an institution.  

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2015 Hirtle Callaghan CIO Conference: Question Convention

At Hirtle Callaghan, we are driven to find better, sometimes quite different ways to capture greater net, risk-adjusted returns.

Adjusted for what kind of risk? Does our industry’s focus on volatility address the risk that concerns us most - or are there other types of risk that worry our clients more? What about risk of loss or risk of failure? Conventional wisdom says that stocks are riskier than bonds. What about price? Is an inexpensive stock riskier than an expensive bond?  Does conventional performance evaluation provide information or noise? Can we employ new performance analytics to help us extend perspective and exploit volatility, rather than being exploited by it?  Are there unconventional investments or investment structures that conceal attractive opportunities?

We explored these questions and more at our annual Hirtle Callaghan CIO Conference on May 27th-28th.  

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Impact of Environmental, Social and Governance Investing

Garrett Wilson, Hirtle Callaghan's Environmental, Social and Governance (ESG) Investment Specialist, contributed to the Philadelphia Inquirer's article Investing in You: Does Socially Responsible Investing Pay Off.  Garrett discusses the use of positive screens to place investments in companies that seek social change as part of their daily business.

Read the full article here.

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