Investment Policy

When we assist clients in drafting or revising an investment policy, our intent is not to reinvent the wheel or create a voluminous legal document.  Instead, we strive for a "road map" which:

• Outlines the investment-related responsibilities of committees, staff, and the providers of investment services that are retained to assist with the management of the assets.
• Describes the performance objectives for the investments.
• Establishes formal but flexible investment policies.
• Provides a framework for evaluating and communicating the investment program's effectiveness.
• Creates standards of investment performance that are achievable and by which the investment managers agree to be measured over a reasonable period.

We do not use a one size fits all approach to developing investment objectives and policies.  For operating asset clients such as healthcare organizations, we take into account short-term and long-term operational and financial goals in the determination of investment objectives. For our pension clients, we work closely with their actuaries to ensure that the plan's funded status and relevant liabilities are taken into consideration. For foundation clients, we will look at projected spending plans, capital campaigns and sensitive political relationships, all the while maintaining a focus of providing absolute returns to meet annual return and spending requirements.

We review our clients' investment policies regularly to assure that they continually evolve to address the changing dynamics of the markets in which our clients are invested.  The result is a clear, formal, and flexible document which guides our clients' investment programs.