Key Takeaways
- • The English Schools Foundation (ESF), which operates 22 schools in Hong Kong with about 18,500 students, is seeking an external investment advisor for its endowment, according to people familiar with the matter (Bloomberg).
- • The endowment's assets were worth almost $400 million in August 2024, the last time the group disclosed its accounts.
- • ESF has reached out to multiple firms as part of a review, with Cambridge Associates currently serving as the endowment's advisor.
- • The search reflects a broader effort by ESF to build out a nascent endowment and reassess how its substantial reserves are managed.
Summary
The English Schools Foundation, one of the largest education groups in Hong Kong, is looking for an investment advisor to help manage its endowment, according to people familiar with the matter who declined to be named because the discussions are private. The ESF Group operates 22 schools in Hong Kong serving some 18,500 students.
The group recently reached out to firms to help it build its nascent endowment. The endowment's assets were worth almost $400 million in August 2024, the last time the group disclosed its accounts. Publisher reporting indicates that Cambridge Associates is currently acting as advisor to the endowment, and that in January ESF approached other firms as part of a review of the arrangement.
Separate reporting has put ESF's reserves at HK$3.75 billion (US$480.8 million), more than tripling over the past decade. Commentary on the adviser search has framed it as part of a wider shift in how school systems with substantial reserves are treating their balance sheets.
The mandate is a notable step for a school group of this scale, as it seeks to professionalize the management of a growing pool of reserves. Details of the selection timeline and the shortlist of candidates were not disclosed in the source material.
The group recently reached out to firms to help it build its nascent endowment. The endowment's assets were worth almost $400 million in August 2024, the last time the group disclosed its accounts. Publisher reporting indicates that Cambridge Associates is currently acting as advisor to the endowment, and that in January ESF approached other firms as part of a review of the arrangement.
Separate reporting has put ESF's reserves at HK$3.75 billion (US$480.8 million), more than tripling over the past decade. Commentary on the adviser search has framed it as part of a wider shift in how school systems with substantial reserves are treating their balance sheets.
The mandate is a notable step for a school group of this scale, as it seeks to professionalize the management of a growing pool of reserves. Details of the selection timeline and the shortlist of candidates were not disclosed in the source material.
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