The number of endowments and foundations searching for consultants has increased dramatically over the past 12 months. There were 52 searches over the past 12 months, versus only 17 for the previous 12 months, representing a 67% increase, according to iisearches data.
The uptick is the result of financial turmoil that sprang up in late 2008, said Michael Rosen, principal at consulting firm Angeles Advisors. "It was a period when search activity essentially halted," he added. During this time, many endowments experienced double-digit losses for the first time in years and at the same time were forced to deal with a liquidity crunch due to high exposure to alternative investments.
New Business Gained Over the Past Year
Clients
Clients
Net Clients
Consulting Firm
Gained
Lost
Gained/Lost
Hammond Associates
4
0
4
Hirtle, Callaghan & Company
3
0
3
Commonfund
2
0
2
Convergent Wealth Advisors
2
0
2
NEPC
3
1
2
Cambridge Associates
2
1
1
Ennis, Knupp & Associates
1
1
0
Hartland & Co.
0
2
-2
R.V. Kuhns & Associates
0
2
-2
Source: iisearches
Once that period transitioned into a more normal environment, searches began to pick up, both through requests ....