A new book is now hitting bookstores, and the authors hope it will be a bestseller among foundation and endowment fiduciaries.
"Asset Management for Endowments & Foundations: Improving Investment Performance & Reducing Management Costs" is written for the many "very bright people" who always seemed to have holes in what they knew or what they thought they knew about asset allocation, said William Schneider, one of the book's co-authors.
Mr. Schneider, managing director with Chicago-based consulting firm DiMeo Schneider & Associates L.L.C., teamed with his partner Robert A. DiMeo, and D. Robinson Cluck, managing director and co-founder of Canterbury Consulting, Newport Beach, Calif.
The 241-page book is a guide through the investment process, from writing the investment policy to hiring a consultant and money managers.
The book likens the process to building a house. "You wouldn't hire carpenters, electricians, and other workers, however well qualified without first developing a blueprint."
The idea for the book stemmed from the authors' dealings with clients and prospective clients and the overwhelming need they saw for education of trustees, Mr. Schneider explained.
This is Messrs. Schneider and DiMeo's second book on plan implementation.
In 1995, they wrote "Designing A 401(k) Plan," which took corporate executives through the process of plan creation and implementation.
"In contrast to the defined contribution area that has had a long history of consulting, endowments and foundations didn't have this info," according to Mr. Schneider.
"Asset Management for Endowments & Foundations" is published by McGraw-Hill, New York, and costs $65.