Investment Managers
DUMAC, LLC, is a professionally-staffed investment organization structured as a North Carolina limited liability company controlled by Duke University. DUMAC has a staff of about 35 employees and works with the assistance of investment advisory firms and partnerships to help the university meet its investment goals.
Assets Managed
In addition to managing Duke's $4.4 billion endowment, DUMAC manages the employees' retirement pool, invests much of the university's working capital, and advises the Duke University Health System on investments. Duke is one of a handful of universities that has been given permission by the IRS to invest charitable remainder trusts with the university's endowment assets. Charitable remainder trusts provide donors and/or their loved ones with an income stream for life or for a period of years; the balance of these trusts ultimately supports the university.
DUMAC also manages the assets of The Duke Endowment, a private charitable trust established by Duke University's founder James B. Duke.
History and Governance
In 1989, Duke University's Board of Trustees approved the creation of Duke Management Company as a separate, non-profit support corporation of the university. The organization began operating in July 1990, and over time, it became known by the shortened name "DUMAC." In 2007, when the organization re-formed as a limited liability company, its name was officially changed to DUMAC, LLC.
DUMAC is controlled by a ten-member Board of Directors, comprised of the president and executive vice president of Duke University, the president of DUMAC, the chair of the Duke University Board of Trustees, and six other members appointed by the Board of Trustees' Executive Committee. These other five members are typically university trustees and/or investment professionals. DUMAC operates under a trustee-approved investment policy and has been delegated broad authority in managing the university's investments.
DUMAC Leadership
NEAL F. TRIPLETT is president of DUMAC, LLC. He joined DUMAC in July 1999 and started working with public securities and hedged strategies. Eventually he began overseeing DUMAC's hedged strategies investments, and he was appointed president in January 2007. Prior to completing business school, Mr. Triplett was a credit officer for the corporate and real estate portfolios at Wachovia Bank. Mr. Triplett holds the Chartered Financial Analyst designation. (BA, Duke University; MBA, Duke University)
ALICE E. GOULD joined DUMAC in 2004 and oversees the real assets portfolio. Previously, she worked as a consultant specializing in the strategic and financial implications of technology decisions. Ms. Gould also spent ten years at IBM, where she managed product development, marketing, and business planning. (BSE, Duke University; MBA, Duke University)
ANDERS W. HALL joined DUMAC in 2002 and oversees DUMAC's global equity, hedged strategies, fixed income, and inflation sensitive assets portfolios. Previously, he was an investment consultant with Hewitt Investment Group in Atlanta, where he worked with endowments, foundations, corporations, and municipal governments to establish asset allocation policies and select investment managers. Mr. Hall holds the Chartered Financial Analyst designation. (BA, Duke University; MBA, New York University)
DAVID R. SHUMATE is executive vice president of DUMAC and has overall responsibility for DUMAC's investment and support operations, including assessing and managing risk across DUMAC's investment activities. Mr. Shumate holds the Chartered Financial Analyst designation and is a CPA who has served Duke University in various capacities for over 25 years. He was previously employed at Peat Marwick. (BS/BA, Western Carolina University)
DUMAC Board of Directors
EDGAR W. BARKSDALE is a principal and CEO of Federal Street Partners, LLC, and chairman emeritus of Northern Trust Global Advisors, Inc. Prior to November 1999, he served as president and CEO of Northern Trust Global Advisors and Northern Trust Company of Connecticut. He was responsible for the firm's investment manager research and program design activities, with assets of $12.5 billion. Mr. Barksdale also serves on the boards of Stamford Health System and the Fairfield County Foundation. (BA, Duke University; MBA, University of Pennsylvania)
DANIEL T. BLUE, JR. is chairman of the board of trustees of Duke University. In 1976 he formed a practice with several associates and today serves as managing partner of the firm Blue, Stephens & Fellers LLP in Raleigh. First elected to the North Carolina State House of Representatives in 1980, Mr. Blue was re-elected eleven times. He has served as Speaker of the House and as chairman of various committees. In 2002 he left the Legislature to run for the United States Senate. He returned to the House in 2006, and now serves the North Carolina State Senate. Mr. Blue has been recognized throughout the state and country as one of America’s outstanding political leaders. He is the recipient of many professional and service awards and nine honorary degrees. (BS, North Carolina Central University; JD, Duke University; chair, Duke University Board of Trustees; member, Duke University Health System Board of Directors)
RICHARD H. BRODHEAD became Duke's ninth president on July 1, 2004, after a 32-year career at Yale University, including 11 years as dean of Yale College, where he won the DeVane Medal for outstanding teaching and was named the A. Bartlett Giamatti Professor of English and American Studies. President Brodhead has written or edited more than a dozen books on 19th-century American literature, and most recently published his decanal essays and speeches as The Good of This Place: Values and Challenges in College Education. A fellow of the American Academy of Arts and Sciences and a member of the J. William Fulbright Foreign Scholarship Board since 2002, Dr. Brodhead has won several scholarly honors and fellowships, including Guggenheim, Woodrow Wilson, Danforth, and Morse fellowships. (BA, Yale University; PhD, Yale University)
EDWARD A. GILHULY is a member of Sageview Capital, LLC. Prior to founding Sageview Capital, Mr. Gilhuly was at Kohlberg Kravis Roberts & Co. (KKR) for 19 years. He joined KKR in 1986 in San Francisco, became a partner in 1995, and from 1998 until 2005 he lived in London where he established and oversaw all aspects of KKR's business in Europe. He also served on KKR's investment committee from its inception in 2000 until his departure in 2005. Before joining KKR, Mr. Gilhuly worked in the mergers and acquisitions group of Merrill Lynch Capital Markets in New York. Mr. Gilhuly is a member of the board of directors of Legrand, SA, and Medcath, Inc., as well as a member of the board of trustees of the California Academy of the Sciences. (BA, Duke University; MBA, Stanford University)
JEAN E. HOYSRADT is the chief investment officer of Mousse Partners, a New York-based private investment firm controlled by the family affiliated with Chanel, the luxury goods company. In that capacity, she develops and implements asset allocation plans and investment strategies, including manager selection and direct investing. Prior to joining Mousse in 2001, Ms. Hoysradt ran the investment department and treasury activity of New York Life Insurance Company, responsible for over $75 billion in assets. Before that, Ms. Hoysradt was a managing director at Manufacturers Hanover Trust Company from 1988 to 1990 and previously was an investment banker at Credit Suisse First Boston, specializing in asset-based finance. She began her career in 1974 as an investment analyst at Equitable Life. (BA, Duke University; MBA, Columbia University)
BRUCE A. KARSH is president of Oaktree Capital Management, LLC, and the leader of Oaktree's distressed debt effort. In addition to actively managing the distressed debt funds, he is responsible for overseeing the investment of all of Oaktree's private investment strategies. Prior to joining Oaktree, Mr. Karsh was a managing director of TCW and the portfolio manager of the TCW Special Credits Funds. Before joining TCW, Mr. Karsh worked as assistant to the chairman of Sun Life Insurance and SunAmerica, its parent. Previously, he was an associate with the law firm of O'Melveny and Myers and a judicial clerk to the Honorable Anthony M. Kennedy, then a federal circuit court judge and now an associate justice of the U. S. Supreme Court. (AB, Duke University; JD, University of Virginia School of Law; trustee, Duke University; chair, DUMAC Board of Directors).
LANTY L. SMITH is the president and CEO of Tippet Capital, based in Raleigh, North Carolina. Until recently, he was chairman of Soles Brower Smith & Co., an investment banking firm serving middle-market companies. Mr. Smith also serves as chairman of Precision Fabrics Group, Inc., a leading manufacturer of high technology specification textile products. Prior to joining Precision, Mr. Smith was president of Burlington Industries, Inc., and a partner in the international law firm of Jones Day. Mr. Smith also serves as president and CEO of MediWave Star Technology, Inc., a cardiology research and development firm, and of Scion NeuroStim, a medical device development company. Mr. Smith is a member of the board of directors of Wachovia Corporation, for which he serves as lead independent director and chair of the executive committee, the Research Triangle Foundation of North Carolina, and Piedmont Pharmaceutical, Inc. (BS, Wittenberg University; LLB, Duke University; trustee emeritus, Duke University; trustee emeritus, The Duke Endowment; vice chair, DUMAC Board of Directors)
TALLMAN TRASK III is executive vice president of Duke University. As principal administrator and financial officer (treasurer), he is responsible for the budget, financial affairs, procurement, debt, campus planning, architecture, maintenance, construction, real estate, human resources, academic and administrative computing, audit, safety and security, and auxiliary services. Other duties include serving as an ex-officio member of the trustees' committees on business and finance and building and grounds and the board of directors of the Duke University Health System. Prior to his assuming this position at Duke University in 1995, Dr. Trask was executive vice president at the University of Washington. From 1976 to 1986, Dr. Trask held several positions at the University of California, Los Angeles, culminating with his service as vice chancellor for academic administration. (AB, Occidental College; MBA, Northwestern University; PhD, University of California, Los Angeles)
NEAL F. TRIPLETT is president of DUMAC, LLC. He joined DUMAC in July 1999 and started working with public securities and hedged strategies. Eventually he began overseeing DUMAC's hedged strategies investments, and he was appointed president in January 2007. Prior to completing business school, Mr. Triplett was a credit officer for the corporate and real estate portfolios at Wachovia Bank. Mr. Triplett holds the Chartered Financial Analyst designation. (BA, Duke University; MBA, Duke University)
JAMES C. ZELTER is the managing partner of Apollo Management's capital markets business and is president and COO of Apollo Investment Corporation. Prior to joining Apollo Management, Mr. Zelter was a managing director of Citigroup (and its predecessor companies), where he held a variety of senior positions in the global fixed income division. At Citigroup, Mr. Zelter ran the firm's high yield and leveraged finance business and created the proprietary special situations group, a global credit opportunity mandate. In addition, he was chief investment officer of Citigroup Alternative Investments (CAI) from 2003 to 2005. Prior to joining Citigroup, Mr. Zelter was a vice president at Goldman, Sachs in New York. (BA, Duke University)