Wednesday, 27 May 2015
Last updated 9 hours ago
Dec 3 2010 | 11:01am ET
As foundations and endowments move more of their money into hedge funds, the CFA Institute is suggesting that they invest less in funds that impose a lockup.
The institute's first Investment Management Code of Conduct for Endowments, Foundations and Charitable Organizations stresses that such institutions should "consider liquidity" in making investments. They should also consider imposing "limitations or restrictions on investments with defined capital lockup periods," even if such funds "meet the investment objectives and risk tolerance of the organization."
The voluntary code was approved by the CFA Institute last month. It seeks to offer a set of best practices for board members, staff and money managers.
Lockups should be avoided because they "may affect future members' ability to effectively manage the financial resources to meet the funding needs of the organization," the institute explained in the 28-page document.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…