Eighteen percent of sponsors of tax-exempt funds say they plan to start investing internationally, according to a study by Greenwich Associates. The figure was higher - 22% - among public funds.
The survey also found that, among funds with assets exceeding $1 billion, 31% use financial futures; 23% use stock index futures; 16% use derivatives-based structured investments; 4% use commodities; 2% use managed futures; 6% use market-neutral portfolios; 19% use buy-out funds; 11% use hedge funds; and 35% use venture capital.
Internally managed assets of tax-exempt funds continue to fall. In 1995, 76% of plan sponsors said they had no assets managed in-house, compared with 66% in 1992.
Among funds that use internal management, the total dropped to 15% from 21% for corporate funds and to 30% from 50% for endowments. But the figure has risen to 45% from 30% for public funds.
Only 2% of corporate and endowment funds plan to begin using consultants in 1996; for public funds, the figure was 1%, the study found.
