First Harvard announced that its endowment faced “unprecedented challenges.” Columbia then said, “our endowment has suffered from a downturn in the market.” Now the director of the General affairs Department at Komazawa University, an elite Japanese institution is apologizing for mismanging their funds. His school isn’t the only one in Japan that blew its funds. A few schools, which Bloomberg News calls “Ivy League” of Japan also screwed up.
Bloomberg: Keio University, the alma mater of numerous Japanese politicians including former Prime Minister Junichiro Koizumi, said it has 22.5 billion yen ($233 million) in unrealized losses on investments ranging from hedge funds to real estate investment trusts. Waseda University, a training ground for Japanese politicians since 1882, said it expects a 500 million yen loss on investments as of March to deepen significantly.
…80-two per cent of Japan’s private universities are investing in securities as the nation’s birthrate falls, dimming prospects for future enrollment, and its economy slips back into recession, according to a Mitsubishi UFJ survey. Komazawa University in Tokyo today said it received 11 billion in loans from Mizuho Bank Ltd. to help cover 15.4 billion yen in losses on swaps managed by French and German investment banks.
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