Endowments, foundations, pension funds, private equity, venture capital, hedge funds: these terms are now commonplace as the world of institutional investing has become increasingly complex over the past hundred years. But how did it get this way? The Evolution of Investing at the University of Michigan traces the development of institutional investing through the lens of one of the country’s largest endowments, illustrating how tidal changes in the law, new approaches to governance, portfolio theory and continuing academic advances and studies, as well as incredible innovation in the practice of investment management, have all combined to create the highly sophisticated investing landscape of today.
RAFAEL E. CASTILLA is Director of Investments and Structuring at the University of Michigan Investment Office and has lectured on investment management law at the University of Michigan Law School. He has spent his career in the securities industry and is a CFA charterholder. Rafael is a graduate of Yale Law School (JD 1992) and Harvard College (AB 1989).
WILLIAM P. HODGESON is an Investment Associate at the University of Michigan Investment Office. He has spent his career in the institutional investment management industry and is a CFA charterholder. William is a graduate of the University of Michigan Stephen M. Ross School of Business (MBA 2014) and Saginaw Valley State University (BBA 2008).