» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 133 | NO. 100 | Friday, May 18, 2018

UT Lobbied to Keep Details of Investments Secret

The Associated Press

Print | Front Page | Email this story | Comments ()

MEMPHIS, Tenn. (AP) – Records show that the University of Tennessee has pumped millions from its endowment into private investment funds, including many in the Cayman Islands.

The USA Today Tennessee Network reports that the school successfully lobbied state lawmakers to pass a law to make details about these types of investments secret from the public.

The new law says UT still had to disclose some basic information, but the school doesn't have to reveal how much money it is paying in fund management fees or disclose the names of the companies where the funds are invested.

One academic who studies endowments called it unacceptable, considering that taxpayer funds and donor money is paying fees of fund managers.

University officials argued that fund managers won't work with institutions if the information is public.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 143 381 16,005
MORTGAGES 148 432 18,480
FORECLOSURE NOTICES 0 34 2,439
BUILDING PERMITS 0 452 32,966
BANKRUPTCIES 59 237 10,250
BUSINESS LICENSES 37 110 5,288
UTILITY CONNECTIONS 0 92 6,240
MARRIAGE LICENSES 16 79 3,492

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.