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Article Excerpt
Byline: TOM HENDERSON
"It was fear and chaos a year ago, said Melissa Cragg, chief investment officer for the Max M. and Marjorie S. Fisher Foundation, referring to the collapse of credit markets and the sharp decline in portfolio values that followed.
Today, she and others who help nonprofits and philanthropic organizations manage their money are breathing much easier.
Panic over falling portfolios has been replaced by a sense of relief as a sharp rise in the Dow Jones Industrial Average and related equity markets have buoyed investments at most endowments and philanthropic organizations.
"Year to date, most clients are up 20 percent, said Paul Kenney, a partner in the Detroit office of Cambridge, Mass.-based NEPC L.L.C., a consulting firm that helps nonprofits, charities and endowments manage their investments, recommending outside money managers and...
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