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bethlehempard

New Manhattan office for Lafayette

http://newyork.citybizlist.com/ar...n-first-manhattan-office-location

Is this necessary? Maybe. The cross street is 39th.
Pard4Life

Ok... what exactly does the investment committee do? I thought our investments were managed by an outside consultant.
bethlehempard

http://trustee.lafayette.edu/boar...committees/investments-committee/

I think Heaney was on-air at halftime. So with rent, office staff, etc., $500,000 per year? Just guessing.
When I worked mostly in midtown yeah Wall Street was eight or so stops away but we didn't have to go there much. We used telephones and terminals and such.
Maybe this signals some change in management. Maybe more commercials -- "I'm just a sophomore but here I am observing an investment committee meeting! We are so close to New York!"
It's not on Wall Street anyway.
Maybe a good idea but not explained well.
Pard4Life

Ah the clubby club of the BOT...

Yes this doesn't make sense... This isn't 1914 where you need a physical NYC presence... what's the point? Bankers and consultants don't want to travel 70 miles to Easton?  If you are earning 100 bp on a $1 billion endowment, I think the financial crowd would fly to Nome to meet with you.  And all you need is high speed Internet if you are involved with markets not linked to high speed trading... soooo...
ed65

No mention in the press release of LC's strong engineering and science programs.  Clearly, whoever wrote the release missed it.  Not surprising, I guess.
flyfisher

Question for you local boys. Do people live in Easton and work in the New York area?
bethlehempard

flyfisher wrote:
Question for you local boys. Do people live in Easton and work in the New York area?


Many do. I couldn't put a number on it but I would say a few thousand. Mostly by bus. The nearest weekday train is in High Bridge NJ, not much of an option and it used to require a transfer in Newark because diesel trains can't go through the tunnel. Now they might have dual-fuel engines on the Raritan Line.
Buses start going east at 4:10. That one arrives around 5:55. There are no slackers, would-be-stage-mothers or goofballs on that bus.
All kinds of workers do it, with quite a few guys in the building trades. It's not just for the Wall Street types.
Commuting was a big issue locally about 20 years ago. The people who moved here from north Jersey and New York were blamed for higher house prices, congestion, sunspots whatever.  
In my case I didn't want to move my family to Manhattan. It's a difficult life, even when I had a driver to get home. Still, getting Manhattan salaries and paying Lehigh Valley prices, well it helps.
Lafalum

I'm not put off by this as you guys. We were paying the former manager of managers ( an alumnus and classmate of a former board BOT )  well over a 1.2 million a year and eventually put our portfolio into 60 pct plus in hedge funds paying tens of millions in fees.. We now have a CIO and an office in new york I would venture cost far less and under our close purview. That is progress and a good move!!

Bucknell has a CIO. I wonder where his office is.
bethlehempard

I'm willing to be convinced but there should be a direct benefit to students. Perhaps the conference room will be used for students spending a week or semester in New York.
For investment purposes, it's hard to figure.
The cost of this is going to be equivalent to the cost of several students' tuition payments. It better be worth it.
Also it's interesting that so far Lafayette has said nothing (unless I missed it). I found the information while checking on NYC real estate.
This is a lot to pay for proximity.
Pard4Life

Lafalum wrote:
I'm not put off by this as you guys. We were paying the former manager of managers ( an alumnus and classmate of a former board BOT )  well over a 1.2 million a year and eventually put our portfolio into 60 pct plus in hedge funds paying tens of millions in fees.. We now have a CIO and an office in new york I would venture cost far less and under our close purview. That is progress and a good move!!

Bucknell has a CIO. I wonder where his office is.


I'm not opposed to a CIO but I don't understand why we need a NYC office.  It could be a good thing, but I'm not sure how... money mangers will visit you in Nome if need be.
bethlehempard

The college should explain this. Proximity = nothing. Relationships = nothing.
Return = everything. This cost could be measured as a percentage of endowment performance.
My main reason for going to the district was for lunch at the old Suspenders or for a drink. Maybe alumni can get a drink at this office. It isn't in the financial district anyway. There is an element of "playing house" to this.
There may be a good reason for this expense. As Dean Wormer said in Animal House, "Out with it!"
Being near bankers and deal makers is too glib, too pat.
carney2

Loving this line from the article:

"As Lafayette College continues to grow, it has become a necessity to offer staff a convenient location close to investors and other financial resources."

The only thing growing at Lafayette is the bloated administration.

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