2.73.02 Long-Term Investment Policy  
  The day-to-day management of the various investment funds is to be entrusted to a manager or managers specifically appointed by the Board of Governors for each fund. A manager may purchase, sell, or exchange investments in the name of Wayne State University. The University shall be notified within ten days after each such transaction. The University shall direct that these transactions be placed through a security dealer of its choice.  
Investments shall be made with a view towards a diversified portfolio of high grade securities, and shall be consistent with the objectives of the particular fund.  
  Each manager's performance shall be reviewed by an independent agency. This review is to be based on the manager's specific performance as related to the performance of other managers accepting similar risks for a comparable-sized portfolio.  
An annual manager's report and performance review shall be given to the Budget and Finance Committee.

Legislative History

Adopted 5-0; Official Proceedings 23:3158 (10 November 1978)

Cross References

Sec. 2.73.01 2.73.04 4.73.02