University of Michigan modifies investment practices - WNEM TV 5

University of Michigan modifies investment practices

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The University of Michigan is changing the way it deals with possible conflicts of interest among members of its investment advisory committee.

The Detroit Free Press reports the school's Board of Regents announced Thursday that committee members will need to annually submit declarations of potential conflicts of interest. The committee advises the university's investment office on its nearly $11 billion endowment.

The move comes two months after the newspaper revealed the university had invested $4 billion in companies that donated hundreds of millions of dollars to the school. The newspaper also found that more than $400 million went into funds managed by three alumni who advise the university on its investments.

Regents say the school will also disband an endowment established to support the investment office. The fund will go toward a need-based scholarship.

Copyright 2018 Associated Press. All rights reserved.

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