FEG Insight on Student Investment Funds

Among the breakout sessions of the 2023 FEG Investment Forum was the Student Investments Funds panel, which detailed the formation and outcomes of a recent partnership between The Dayton Foundation and the University of Dayton where the student portfolio management team manages a separate portfolio on behalf of The Dayton Foundation. The session was led by Quincy Brown, Senior Vice President of Institutional Services at FEG, and featured Joe Baldasare, former Chief Development Officer of The Dayton Foundation, and Daniel Kapusta, Director of the Davis Center at the University of Dayton. The discussion was lively, with several meaningful takeaways.

The heart of the session was on the formation of the partnership between the University of Dayton’s Flyer Investments Fund and The Dayton Foundation. The partnership began in 2019 when The Flyer Investments Fund started managing a separate portfolio for The Dayton Foundation.  The panelists discussed how the portfolio allowed students to have exposure to managing a broader portfolio that includes international and emerging equities, fixed income, and real assets. 

We believe our students are among the first in the country to have an opportunity to manage money from a community foundation. Not only will this give students an even greater competitive advantage when they enter the job market, it will deepen their connection to the Dayton community and the strong legacy of philanthropy here.”

– John Mittelstaedt, former School of Business Administration Dean, University of Dayton

Throughout the discussion, both panelists stressed that one of the most important benefits of the program was for students. Two benefits highlighted were teaching students the value of philanthropy and exposure to different institutional investment styles. The Flyer Investment Fund receives a manager fee for the Dayton Foundation portfolio. They then select a charity within the community that they can donate this fee to.

From the Community Foundation standpoint, this program provided an opportunity for the students to become more engaged in the community, develop a strong philanthropic mindset, as well as opportunities to expand their donor base. The Dayton Foundation portfolio was originally funded by a few donors, with an initial investment of a little over one million dollars.

The panelists shared the role FEG played in facilitating and maintaining this relationship. Beginning in late 2018, FEG began meeting with The Dayton Foundation and the University of Dayton regarding the possibilities of the unique arrangement. Over the course of several weeks, the determination of the goals, structure, policy, monitoring, and education were solidified.


FEG believes that the development of partnerships for student funds between universities and community foundations is a great opportunity for all involved. To learn more on how to replicate this type of relationship, please contact us at www.feg.com/contact.


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