May 26, 2005
UNIVERSITY OF HOUSTON SYSTEM
BOARD OF REGENTS
ADMINISTRATION AND FINANCE COMMITTEE
| Members Present: | Members Absent: |
|
Leroy L. Hermes, Chair
Michael J. Cemo, Vice Chair Morrie K. Abramson Dennis D. Golden Morgan Dunn O’Connor Lynden B. Rose Thad “Bo” Smith Calvin W. Stephens |
Raul A. Gonzalez |
The Administration and Finance Committee of the University of Houston System Board of Regents convened in Room 220 E. Cullen, University of Houston, on Thursday, May 26, 2005. Noting the presence of a quorum, Chairman Hermes called the meeting to order at 12:03 pm.
Cambridge Associates representative, Craig White, updated the Regents on the University's endowment performance and asset allocation . A discussion ensued regarding the current target asset allocation percentages for various asset classes and the possible need to provide more flexibility within each asset class. Craig agreed to review the Endowment Statement of Investment Objectives and provide any recommended changes to the committee within the next two meetings. In order to determine the value added impact of Cambridge, Regent Abramson asked what percentage of growth resulted from organized gifts as compared to growth generated by recommendations made by Cambridge. Craig referred to a Cambridge report provided to the committee at the January meeting. Craig agreed to include the report again in the materials to be distributed for the next committee meeting.
Regent O'Connor moved that all funds currently placed with Seneca be liquidated and held in the cash account for future funding of cash distributions at year end and of new managers . Regent Cemo seconded the motion which passed unanimously.
The Regents listened to a presentation by Brooke Parish of York Capital. A question and answer session followed the presentation. Regent Cemo moved that the UH Endowment invest $10 million with York Capital Multi Strategy Fund. Regent Smith seconded the motion which passed unanimously.
Representatives Gerald Smith and Cyril Theccanat from Smith Graham presented an update on their firm and their investment performance to the Regents and a question and answer session followed. Craig White agreed to review Smith Graham's investment manager guidelines in light of the changes in their investment approach. Craig will report to the committee at the next meeting any recommended changes in Smith Graham's manager guidelines.
In absence of further business, the committee adjourned at 2:50 pm.
All documentation submitted to the Board in support of the foregoing action items, including but not limited to "Passed" agenda items and supporting documentation presented to the Board, is incorporated herein and made a part of these minutes for all purposes.
| Others Present: | ||
|
G. Jay Gogue John Rudley Jim McShan Allen Warner Paula Kelleher Janis Newman Raymond Bartlett Jerald Strickland Averill Buchanan |
