Capital Allocators – Inside the Institutional Investment Industry Doug Phillips – Middle of the Fairway at the University of Rochester (Capital Allocators, EP.123)
Feb 24, 2020
Doug Phillips, CIO of the University of Rochester, shares insights from his two-decade journey managing a $2.6 billion endowment. He discusses the evolution of investment strategies, emphasizing the importance of asset allocation and manager sourcing. Key topics include the balance between private equity and hedge funds, challenges faced with real assets, and the critical role of stakeholder relationships. Doug also delves into learning from past decisions to refine future strategies while maintaining a long-term focus amid fluctuating markets.
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Early Investing Influences
- Doug Phillips's interest in investing stemmed from his great uncle, a Merrill Lynch office manager.
- Early exposure included watching Wall Street Week with his father and learning from his family.
Rochester's Endowment Challenges
- Rochester's endowment faced challenges due to past allocation missteps, like over-concentration in venture capital.
- Phillips aimed to improve the endowment's performance by attracting alumni support and adopting a centered allocation strategy.
Stakeholder Engagement
- Engaging stakeholders, including faculty, alumni, and trustees, is crucial for endowment management.
- This ensures alignment and understanding of the endowment's purpose and performance.