Rogue Trades Rock Common Fund

ON JUNE 29, COMMON FUND discovered some $128 million in losses from unauthorized trading by money manager First Capital Strategists. On July 3, another shoe dropped: The University of Minnesota, one of 1,420 colleges and universities for which the Common Fund manages endowments, moved a cash-reserve account from Common Fund and stripped its $75 million stock-index account from First Capital. Common Fund shifted its First Capital business to Goldman Sachs.

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