Top US Universities Use Offshore Funds to Grow Their Huge Endowments
Paradise Papers show 12 major universities and colleges invest in Cayman Islands hedge fund pumping cash into fossil fuels
By Ed Pilkington in Boston
Nov. 8, 2017
Tax experts believe the amount invested offshore is substantial given the tax advantages of putting alternative investments in tax-exempt jurisdictions such as Bermuda. A study by Norman Silber and John Wei of Yale estimates that offshore sums may be greater than $100bn.
Silber, [a law professor at Hofstra University and] a senior research scholar at Yale, said: “The riskiness of investments is no longer required to be transparent. This is a problem for the public, but it’s also a problem for boards of directors, as even they are being kept in the dark.”
Read the full article on the Guardian website.