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Stanford's Endowment to Get New Head

March 16, 2000|From Bloomberg News

Robertson Stephens Chairman Michael McCaffery is leaving the San Francisco-based investment bank to head the company that manages Stanford University's endowment.

McCaffery will become president and CEO of Stanford Management Co., which runs the school's $7.9 billion in investments. He will move to his new job in September, but will remain as nonexecutive chairman of Robertson Stephens, which focuses on public and private offerings and mergers of growth companies, until the end of the year.

McCaffery joined Robertson Stephens, a unit of Fleet Boston Financial Corp., in 1988, and became CEO in 1993. Bob Emery took over as chief executive in January, leaving McCaffery with the role of chairman.

McCaffery, a Stanford graduate, succeeds Laurie Hoagland, who has been chief executive of Stanford Management since it was founded nine years ago.

Hoagland, who announced plans to leave last year, will run the $3-billion Hewlett Foundation. The foundation was started by Bill Hewlett, who co-founded Hewlett-Packard Co. in 1938.

The Stanford endowment has posted returns of 14.2% a year, on average, over the last decade, said Hoagland. In the fiscal year ended in August, it returned 36.3%.

The top return for endowments with fiscal years ended in June was 29.3% last year, according to the National Assn. of College and University Business Officers.

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