Stanford’s Endowment Is Hiring Analysts. Big Egos Not NeededBy
Fund is bolstering staff at $22.4 billion fund after shakeup
‘No ego, intellectually honest’ listed among qualifications
Want to work for Stanford University’s endowment? Leave your ego at the door.
Stanford Management Co., the nonprofit overseeing the university’s $22.4 billion endowment, is looking for an unspecified number of analysts to join a team of 16 investment professionals. Since joining in March 2015, Chief Executive Officer Robert Wallace has overhauled the fund’s operations and replaced senior managers and other staff.
Candidates must fit Stanford Management’s “non-hierarchical, no ego, intellectually honest, meritocratic culture,” according to a post on its website. “Our small team sits together in an open office where analysts will have the opportunity to work closely with senior investment team members and contribute actively to team deliberations.” Lisa Lapin, a spokeswoman for Stanford, declined to comment on the job post.
Stanford joins other U.S. university endowments that are reshaping their offices or searching for new leaders amid turnover. Nirmal “Narv” Narvekar, who this month joined Harvard University’s endowment, is leading a review of that fund’s strategy and structure. Columbia University is looking to add an investment director. Dartmouth College, Denison University and Washington University in St. Louis are among the schools looking for investment chiefs.
Stanford’s endowment has trailed its peers in performance, with an annualized gain of 7.1 percent in the past five years through June, versus 10.3 percent for Yale and 9.4 percent for Princeton University, according to data compiled by Bloomberg. Stanford, located near Palo Alto, California, had a 0.4 percent investment decline for the year through June 30.
The management company said in a report after Wallace took over last year that it was in the process of concentrating its portfolio “to drive additional performance through a focused and high-convicted approach.”
Stanford Management was previously overseen by John Powers, who left to join a unit of Credit Suisse Group AG. Powers had a team of about 25 investment professionals and many of them, including almost all of his managing directors have departed.
Since he started at Stanford, Wallace has hired Greg Milani, who worked with him at London-based Alta Advisers, which Wallace oversaw for a decade. Jay Kang, who, like Wallace, got his start at Yale’s investment office, also joined the Stanford fund.