|
|
Article: Foundations see portfolio values rebound with markets.(NEWS)
- Article from:
- Crain's Detroit Business
- Article date:
- October 26, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
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Panic over falling portfolios has been replaced by a sense of relief as a sharp rise in the Dow Jones Industrial Average and related equity markets have buoyed investments at most endowments and philanthropic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 ...