Endowment model uses externally managed assets, so why is the small number of investment staff a constraint if the assets will be managed externally?
What does the answer say?
The question did mention earlier that the plan size was relatively small, but the answer explanation also states that size of the team is also an issue, which is the part that confuses me.
Although the internal team won’t be managing the assets, they need to select the external managers, which requires skill that a small team may not possess.