Improving the “Endowment Model” Recipe
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When: Thursday, July 7th
Noon-1:30 PM
Where: CFASF Classroom
235 Montgomery
San Francisco, California  94104
United States
Contact: Ameeta

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Improving the “Endowment Model” Recipe 

About Our Speakers

Gretchen Tai is President and Chief Investment Officer at Shoreline Investment Management Company, a wholly-owned asset management subsidiary of HP Inc. that oversees the investments of retirement plan assets of HP Inc. and other benefit plan assets of affiliated companies such as Hewlett Packard Enterprise and its subsidiaries.  Gretchen leads the investment team to allocate assets to meet the needs of different benefit plan liabilities and generate excess return in diverse asset classes such as public equity, fixed income, hedge funds and private equity.  As of December, 2014, Shoreline oversees over $45B of assets.


Gretchen joined HP in 2003.  Prior to her current role, she was Director of Investments at Shoreline since 2007.  Previously, she worked in HP's Strategy and Corporate Development group where she led a range of investment activities from venture investing, minority equity investments to mergers and acquisitions.  Prior to HP, she worked as an investment banker at Merrill Lynch serving technology companies in their various corporate finance needs.  Earlier in her career, she worked in the asset backed securities group at Credit Suisse and as a management consultant with McKinsey & Co.

Gretchen graduated magna cum laude from Wellesley College with a major in mathematics and a minor in economics, and an MBA in finance from MIT's Sloan School of Management.  

Ken Frier is Partner and Chief Investment Officer for Atlas Capital Advisors LLC, a San Francisco based investment advisor with proprietary investment strategies serving individuals and institutions. During over 30 years as a financial markets professional he has been the Chief Investment Officer of The Walt Disney Company ($3 billion assets), Hewlett-Packard Company ($33 billion), Stanford Management Company ($18 billion) and the UAW Retiree Medical Benefits Trust ($60 billion). He is an expert in asset allocation and risk management, and is best known for leading the HP retirement plan to the best investment performance in the country during the global financial crisis.

Ken holds a Bachelor of Science degree with honors in Mathematical Science from the University of North Carolina, Chapel Hill and a Master of Business Administration from

the Stanford Graduate School of Business, where he was named an Arjay Miller scholar (top 10% of class). He has earned the Chartered Financial Analyst designation.


This presentation offers a perspective on how the endowment model might be improved, based on experiences over the past twenty years in Chief Investment Officer roles at large corporate and endowment plans.  The “endowment model” as developed and popularized by the Yale University investment office is seen by many as the gold standard of investment management practice. Nonetheless, this presentation will argue that Yale’s approach could be enhanced in several important ways. With those enhancements, it would be more suitable for others to emulate in the years ahead. The need for change is motivated by current market conditions, certain shortcomings in the endowment model and the sheer difficulty of reproducing in the future what has worked so well for Yale in the past.


The discussion will touch upon setting an asset allocation framework which is adaptive to market conditions, ways to improve diversification and the separation of alpha and beta, as well as modifying the governance structure of the fund.




Members $25

Non-Members $40


Date, Time + Location   

Thursday, July 7th

Noon - 1:30 

CFA Classroom
235 Montgomery Street
San Francisco, CA 94104
United States



235 Montgomery Street, Suite 725 | San Francisco, CA 94104 | P: 415.814.7900 | E:

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