The financial setbacks are too enormous for them to hide. According to the Harvard University has also Yale University in the U.S. east coast acknowledged massive losses. A quarter of its assets Foundation, the University lost, it shrank by about five billion dollars. In the summer, at the end of the fiscal year, the university still sat on a fortune of 22 billion U.S. dollars - are now only 17 billion left.
Only? With their foundation assets is the university in New Haven, Connecticut, still ranks two of the richest universities in the United States, surpassed only by Harvard in neighboring Boston. The eternal rival Harvard at the end of June had more than 36 billion U.S. dollars exorbitant. But there also has suffered massive wealth. News Minus: somewhere between eight and has already admitted estimated 16 billion U.S. dollars in a tight half-year - that would be roughly the sum that Yale has now left.
Alone what those two major universities in crisis strudel with financial transactions have lost far exceed the assets of most other university in the United States. Accordingly therefore appeared contrite Yale President Richard C. Levin in a letter to the members of the university, which is also on the website of the university stands.
Universities usually keep silent about their ironclad quarter figures and give only her Kassensturz mid publicly known. But: "These unusual circumstances require a departure from the usual habits," writes Levin. By the end of October Investment Yales have lost 13.4 percent, but it was worth the forfeiture of property or from private equity investments are not included. It was "the best estimate of the assets at that time 17 billion U.S. dollars."
Caretakers, cooks, technicians must Darb
Because the Yale University has been highest paid investment strategists can create for themselves, were unprecedented gains in height has been accumulated. Is problematic for Yale: The University of contests so far, almost half of their spending with investment gains. This annual expenditure amounted to 2.7 billion U.S. dollars last.
In the coming year, predicts Uni-President Levin, Yale will be 100 million U.S. dollars are missing, five years later, even 300 million. Money, with which the university had planned, in the firm belief that it is using the exchange rate and asset ever goes upward.
In order to deal with the crisis, saves Yale, particularly among ordinary university employees who are not on the scientific staff count and already earn little. Janitor, technicians and canteen staff will be around five percent salary cut. Salary increases for university employees, there will be continued to give - they will only be limited to two per cent.
Save where it goes
Also meets Yale on the attitude brake. All new faculty positions must be provided by the respective chancellor or his deputy will be stamped. Make get approved for internal candidate preference. Works will not be deleted, but for one year suspended.
Overall, Yale is 69 percent of his foundation's assets in so-called "illiquid assets" for that reason, reported the British news magazine The Economist. " Such illiquid investments are usually hedge funds, corporate holdings and shares in real estate and real estate.
Architect of the financing model and master of the foundation's assets Yales is David Swensen. He drove the assets of the university since 1985 by then a billion dollars on a 22-fold. Swensen is a kind of investment guru, especially for long-term investments from foundations and other institutions.
The Swensen model interpreted many private universities in the U.S. seem to multiply as the master of their assets - not least Harvard, the question in the early nineties, the Harvard Management Company founded by the same path as Yale. In the global crisis now from both.
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