The role of fund managers in diversifying the endowment investment portfolios of Malaysian public universities

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Nurul Adilah Hasbullah
Asmak Ab Rahman


Endowment is one of the most important sources of income globally for higher education institutions (HEIs), including Malaysian public universities. The principle of this fund is that it should be invested for permanent use. Unfortunately, such funds are not optimally managed when invested at Malaysia’s public universities. Therefore, this study was conducted to find a solution to this issue. In order to find a solution suitable to Malaysia, its public universities with the highest recorded collection of endowment funds were selected to participate in this study: Universiti Malaya (UM), Universiti Kebangsaan Malaysia (UKM) and Universiti Teknologi Malaysia (UTM). Interviews were conducted with representatives from their financial divisions. This study found that endowment funds in Malaysian public universities can be better invested with the appointment of dedicated fund managers. Their role is to assess the assets in which to invest with their expert knowledge of various assets in the market. Therefore, such managers can enhance the investmentportfolio of endowment funds.


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Nurul Adilah Hasbullah, & Asmak Ab Rahman. (2022). The role of fund managers in diversifying the endowment investment portfolios of Malaysian public universities. Asian Academy of Management Journal. Retrieved from
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