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Wake Forest named 'Savviest Nonprofit' by Money Management newsletter

October 19, 2006

Wake Forest University’s management of its endowment has earned it recognition as the Savviest Nonprofit of the Year by Foundation and Endowment Money Management, a newsletter focused on nonprofits’ investment management.            

Wake Forest’s new honor was announced Oct. 16 in San Francisco at the Annual Nonprofit Awards for Excellence ceremony.

According to the newsletter’s Web site, the Savviest Nonprofit Award was “judged based on sophistication, investment knowledge and receptiveness to new ideas.”          

The Web site declares that “Wake Forest University and its treasurer Lou Morrell are not afraid to defy tradition and adopt innovative strategies in pursuit of returns.”         

In its online profile of Wake Forest, the Web site explains that “Morrell is such a strong believer in global investments and emerging markets that the school no longer has any strictly domestic managers—instead relying on its global managers to carve out exposure in the U.S.”  The online profile also focuses on Wake Forest’s practice of managing a “unique tactical asset allocation strategy in house, which involves moving money among mutual funds managed by Fidelity Investments.”

The endowment returned 17.5 percent for the fiscal year ending June 30, 2006.  The fiscal year 2006 return for the special tactical fund was 30.1 percent.

Press Contacts:

Kevin Cox
(336) 758-5237

Cheryl Walker
(336) 758-5237

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