Institutional Investors People Moves

Drexel CIO Joshua Kaplan bids farewell after three years' service at university


University portfolios' disappointing returns last year created quite a stir on campuses and now may be forcing personnel changes at many US endowment offices.

Drexel University had planned to put more money to work in hedge funds in 2009, but instead said farewell to its director of investments, Joshua Kaplan, who joined the endowment fund in 2007.

The roughly $400 million portfolio was seeking distressed debt and global long/short equity hedge fund managers to top off traditional long-only equity and bond portfolios. Hedge funds, private capital and real assets comprise the alternative