The governance for Brown University’s endowment is led by the Investment Committee of the Corporation of Brown University — the institution’s governing body — with important roles for the University’s leadership and the Investment Office, as well as internal and external auditors and an advisory committee made up of Brown community members.

Investment Committee

The trustees and fellows on the Investment Committee of the Brown Corporation are responsible for the investment management of the funds and securities of the University. The committee formulates the investment policies that mandate how the endowment is managed. These policies include asset allocation ranges as well as liquidity and risk guidelines. The guidelines may only be changed with Investment Committee approval. 

The committee comprises 21 experienced professionals with diverse backgrounds in finance and investments. Appointed by the Brown Corporation, they not only provide guidance and oversight of investment policy and activity, they are a valuable source of knowledge and insight for the Investment Office.

Brown’s Leadership

Top members of the University’s leadership keep the Investment Committee apprised of University activities and operations. The members of this leadership group are Brown’s chancellor, president and executive vice president for finance and administration.

Investment Office

Brown’s Investment Office makes asset allocation decisions within the ranges approved by the Investment Committee and hires and oversees the external managers who invest the vast majority of Brown’s endowment portfolio and pooled assets. Our staff of directors, associates, analysts and operations professionals may also periodically invest a small portion of the portfolio directly in order to access opportunities not readily available from external managers or to achieve cost efficiencies. We monitor the portfolio and ensure that it complies with investment policies. 

Community Advisory Committee

The Advisory Committee on University Resources Management (ACURM) comprises faculty, staff, alumni and students of Brown and is advisory to the University’s president on matters of corporate responsibility in investment policies.

Audit

Both external and internal audit functions serve to ensure compliance with endowment policies and federal requirements. An external auditor assures the public of Brown’s investment returns and financial standing, while Brown’s internal audit function provides oversight of internal processes to help ensure compliance with fiduciary duties.