Stanford University’s Endowment Chief Resigns
June 27, 2006
Stanford University’s endowment chief, Michael McCaffery, leaves Friday to start a money-management firm with $1.5-billion in seed capital from Microsoft co-founder Paul Allen, reports The Wall Street Journal.
Mr. McCaffery oversaw the institution’s fund as it grew from $8.5-billion in 2000 to $15-billion. His resignation follows last year’s departure of Jack Meyer as head of Harvard University’s endowment to form a hedge fund.
The newspaper says university endowments are facing a challenge as money managers quit to start their own investment funds.
