Institutional Investor's Alpha Magazine - October 2007 - (Page 3)

Letter from the editor Measuring Up EDITOR Michael Carroll EDITOR Michael Carroll EXECUTIVE EDITOR Michael Peltz MANAGING EDITOR David Schutt INTERNATIONAL EDITOR Tom Buerkle U.S. EDITOR Jeffrey Kutler EDITOR-AT-LARGE Firth Calhoun ART DIRECTOR Nathan Sinclair ART DIRECTOR Irene Ledwith ASSISTANT MANAGING EDITORS Tom Johnson (Research), William Loob (Editorial Production), ASSISTANT MANAGING EDITORS Lewis Knox Sathya Rajavelu (Director, (Global Technology and (Research), Jeffrey Kutler Research Operations Group), Justin Schack (Wall Street, Corporate Finance) Banking), Deborah F. McClellan (Editorial BUREAU CHIEF Kevin Hamlin (Hong Kong) Production), Barbara Rudolph (Money Management) SENIOR EDITORS Loch Adamson (London), EUROPEANBrull (LosTom Buerkle B. Kenney Steven EDITOR Angeles), Jane (London) (Editorial Research), Britt Erica Tunick, BUREAU CHIEF Kevin Hamlin (Hong Kong) JoWrighton (Paris) SENIOR EDITORS Steven Brull (Los Angeles), SENIOR WRITERS Frances Denmark, Michael Shari Andrew Capon (London), Jane B. Kenney STAFF WRITERS Dan Freed, David Lanchner (Paris), (Editorial Research) Imogen Rose-Smith, Julie Segal SENIOR WRITERS Deepak Gopinath,Ewing SENIOR ASSOCIATE EDITOR Tucker Justin Schack STAFF WRITERS RichMichele Bickford, Sivert (Paris) ASSOCIATE EDITORS Blake, David Lanchner SENIOR ASSOCIATE EDITOR Tucker Ewing (Research Specialist), Timothy Roberts (Research SpeASSOCIATE EDITORSB. Tetro cialist), Carolynn Emily Fleckner, Sivert Hagen COPY CHIEF David Wray SENIOR CONTRIBUTING EDITORS Fran Hawthorne, SENIOR CONTRIBUTING EDITORS Fran Hawthorne, CONTRIBUTING WRITERS Pam Abramowitz, (Tokyo), Stephen Taub, Joan Warner Hagen, John Livingstone, WeiQing Lu Harvey D. Shapiro, Stephen Taub Hal Lux, Harvey D. Shapiro, Charles Smith Danielle Beurteaux, John Aidan Byrne, CONTRIBUTING EDITORS Colin Barraclough, Phil Davis, Udayan Gupta, Scott Martin, Neil Conger (Mexico City), Jonathan Kandell, LucyO’Hara, Jaye Scholl, Irwin Speizer COPY DEPARTMENT DeputyKazuhiko Shimizu Lois Madison Reamy, Copy Chief: Bill Christophersen; Copy Editors: Ingrid Accardi, (Beijing), Leah Nathans Spiro COPY DEPARTMENT Deputy Copy Chief: Jeff Cranmer ASSISTANT TO THE EDITOR Elizabeth Simroe ASSISTANT TO THEDeputy Art Elizabeth Simroe ART DEPARTMENT EDITOR Director: Diana Panﬁl; Senior Designer: Lee H.Wilson; ART DEPARTMENT Deputy ArtPhoto Editor: Daniella Nilva; Associate: Sabrina Henley; Director: Patrizia Bove; Associate Photo Editor: Stephanie Lora; Photo Editor: Art Director: Alden Gewirtz; Color Imaging Manager: John Miliczenko Anastasia Pleasant; Color Imaging Manager: Ruth Hamel, Veronica Majerol John Miliczenko CHAIRMAN & CEO Gary Mueller GROUP PUBLISHER Christine Cavolina PRESIDENT & CEO Christopher R. Brown PUBLISHER Joy DeSanto PUBLISHER, INTERNATIONAL Spencer Wicks PUBLISHER Christine Cavolina PUBLISHER, ASIA Wendy Gallagher PUBLISHER, INTERNATIONAL Lisa Traeger ONLINE SALES DIRECTOR Chris DeAngelis EDITOR AND PUBLISHER, Brian Gill PRODUCTION DIRECTOR SPECIAL PROJECTS Ernest McCrary MANAGING DIRECTOR OF Brian Gill PRODUCTS PRODUCTION DIRECTOR RESEARCH DIRECTOR Murrell Denise OF FULFILLMENT Robert Tonchuk CHIEF OPERATING OFFICER David E. Antin DIRECTOR OF FINANCE AND OPERATIONS Institutional Investor’s AlphaTM and Alpha,TM 225 Park Avenue South, David E. Antin New York, NY 10003; (212) 224-3300; Fax: (212) 224-3171. © 2007 Institutional AlphaTM and Alpha,TM 225 Park Avenue South, Institutional Investor’s Investor, Inc. No statement in this magazine is to be construed as a recommendation to Fax: (212) 224-3171. New York, NY 10003; (212) 224-3300;buy or sell securities. Neither this publication nor any part of it may be reproduced or transmitted in any form or by any means, Inc. (USPS 581-660) No including © 2003 Institutional Investor, electronic or mechanical, statement photocopying, recording or by any as a recommendation to buy or in this magazine is to be construedinformation storage and retrieval system, without the prior written permission of part of it may be resell securities. Neither this publication nor any Institutional Investor magazine. or transmitted in any Dewey Palmieri means,224-3675; produced For reprints, contact form or by any (212) electronic Fax: (212) 224-3563; e-mail: dpalmieri@iinvestor.com. Subor mechanical, including photocopying, recording or by any inforscription hotline (800) 437-9997; Overseas the prior written permation storage and retrieval system, without(44-20) 7779 8999 mission of Institutional Investor magazine. SUCCESS CAN BE MEASURED in different ways. As kids, we’re taught to do our best in school, where performance is calculated in increasingly absolute terms — at ﬁrst gold stars and happy faces, then letter grades and ﬁnally grade-point averages. Along the way we also learn about relative performance. Getting 80 percent correct on a test is considered a signiﬁcant achievement when everyone else in your class fails. That same 80 percent doesn’t feel quite so good when all your classmates have earned perfect scores. Balancing absolute and relative performance can be a challenge, for kids, for adults — even for institutions. Take Dartmouth College. With only 4,100 undergraduates and 1,600 graduate students on its picturesque campus in Hanover, New Hampshire, Dartmouth is the smallest of the eight Ivy League schools. Although Dartmouth is No. 11 in U.S. News & World Report’s latest ranking of America’s best colleges, many of its trustees and alumni aren’t satisﬁed, in part because their school trails top-ranked Princeton, Harvard and Yale. (As a member of the class of 1983, I know from experience that Dartmouth has a small granite chip on its shoulder.) To better compete with its bigger rivals, Dartmouth has embarked on a major building frenzy, which will include a new life sciences complex, dormitories, dining halls and athletic facilities. To pay for the projects, which carry a price tag of $1.1 billion, the board of trustees is turning for help to the school’s $3.8 billion endowment and the man who manages it, chief investment ofﬁcer David Russ. As Senior Writer Frances Denmark reports in this month’s cover story, “Ivy League Education” (page 30), Russ moved to Dartmouth in 2005 to escape the politics and public scrutiny that came with managing the University of California’s $63 billion in pension and endowment assets. But Russ has since learned that the pressure to deliver great investment performance is no less intense at a private institution, as colleges and universities increasingly compete for students, professors and alumni dollars. Measuring performance is at the heart of this month’s Alpha , Awards™ which begin on page 43. In our third annual ranking of the world’s top providers of essential hedge fund services, we spotlight the top accountants, administrators, lawyers and prime brokers by asking the people whose opinions matter the most — the managers who use their services. In recognition of the continued growth of the hedge fund industry, we’ve expanded the Alpha Awards this year also to rank service providers by the size of their clients. Not surprisingly, small and big managers often have very different needs and opinions. We’ve also moved the Alpha Awards for the world’s top technology providers to the November issue. Stay tuned. MICHAEL PELTZ EXECUTIVE EDITOR mpeltz@iimagazine.com OCTOBER 2007 • INSTITUTIONAL INVESTOR’S ALPHA • 3

Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - October 2007

Institutional Investor's Alpha Magazine - October 2007 Contents Letter from the Editor Longs & Shorts Pension Corner: Applied Knowledge The Good Guys: Autism Advocate Interview: Nerves of Steel Cover Story: Ivy League Education Alpha Awards: Top Service Providers: Trying Times Strategies: Passage to India Profile: The Oracle of Irvine Alpha Bytes: Futurama Research Center: Funds of Funds 50 Unhedged: Commentary: Crisis? What Crisis?

Institutional Investor's Alpha Magazine - October 2007

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.