HSG Endowment
The HSG Future Fund
Global competition for talent and knowledge is more intense than ever. Leading universities rely on strong endowments to secure their long-term independence and enable sustainable excellence.
The HSG Endowment is a lasting gift to future generations of students, researchers and teachers at the University of St.Gallen. The contributions donated by visionary donors are invested for the long term. The resulting income enables the promotion of strategic initiatives without touching the original donation and sustainably advances the future of the University.
Income from the HSG Endowment thus strengthens excellence in research and teaching - today and for generations to come. For example, they enable scholarships for talented students, promote promising young entrepreneurs or support campus development. This creates a sustainable impact throughout the University of St.Gallen.
“We are deeply indebted to Christen Sveaas. As a pioneer, he laid the foundation stone for the HSG Endowment.”
Prof. Dr. Manuel Ammann
How the HSG Endowment works
The HSG Endowment is a long-term fund for the future of the University of St.Gallen. Donations and legacies from donors and funding partners flow into a capital stock that is to be maintained in the long term.
The assets are invested for the long term. The resulting income can be used to finance important projects and initiatives at the HSG - without touching the original donation.
This creates a sustainable impact over generations: the income from the endowment supports students, strengthens research and teaching and enables investments in strategic initiatives that go beyond basic state funding. These include, for example, new learning formats, excellence scholarships, student initiatives or the further development of the campus.
An experienced, voluntary Investment Committee decides on the investment strategy. The aim is to develop the Endowment responsibly in the long term and to generate income that will help the University of St.Gallen to secure its excellence in the long term.
The HSG Endowment turns today's support into a lasting contribution to the future of the University of St.Gallen - and to future generations of students, researchers and teachers.
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Frequently asked questions
Why does a cantonal, publicly funded university need an endowment?
The basic mission of the University of St.Gallen is financed by the Canton of St.Gallen as the owner via the state contribution. Today, however, the HSG is in strong competition with top business universities in Europe. In this competition, one can only remain successful with excellence that goes beyond the basic mandate. In order to achieve excellence in research and teaching in accordance with our strategy and to attract and promote outstanding professors, researchers and the best students, we are therefore required to generate additional, sustainable resources.
The University of St.Gallen is already characterized by an above-average level of self-financing for public universities (through market-driven offers in continuing education and transfer, public and private funding and strategic partnerships). Income from the HSG Endowment provides the (necessary) financial support for strategic initiatives to promote excellence on the HSG's path to becoming a leading business university in Europe, without placing any further burden on the canton.
Can the canton further reduce the state contribution in view of future income from the HSG Endowment?
No. This is because systemic differences come into play here: the state contribution is earmarked for the basic mission and finances mandatory services in line with the performance agreement, namely teaching, basic operations and legally defined tasks. With the endowment, excellence projects outside of the core mission can be financed independently of political cycles. In addition, the endowment has a long-term effect as a generational project beyond legislative periods.
What is the specific added value of an endowment compared to earmarked project donations?
In the case of a project-related donation, the capital is spent and used directly and in full for a defined purpose.
An endowment is designed to preserve capital. Only income from the capital flows into the promotion of excellence. A donation to the HSG Endowment is thus never effectively used up, but generates distributions year after year - theoretically without limit.
A figurative comparison is an apple tree: a generous donor plants a tree - this corresponds to the Endowment's capital. This tree is not cut down, so it remains as capital. The apples correspond to the yields: The tree bears fruit every year, which in the case of the endowment is interest or dividends. The university harvests apples and uses them to finance projects, while the tree continues to grow and bear fruit again the following year.
What investment policy is pursued with the HSG Endowment? What performance does HSG expect?
It is still too early to make detailed statements on the investment policy.
At the HSG Foundation Board meeting on May 8, 2026, the governance framework for the HSG Endowment was approved and Christian Staub, Senior Advisor at Fidelity International, was elected Chairman of the Investment Committee. The aim is for an independent, high-caliber and honorary Investment Committee to decide on the investment strategy. The more detailed regulations, including all relevant key figures and a proposal for the strategic asset allocation, will subsequently be drawn up by the Investment Committee and submitted for approval at the Board of Trustees meeting on October 19, 2026.
In this country, the endowment model is more familiar from private universities in the Anglo-Saxon world. Is the HSG on the way to becoming a private university financed by donations?
No. The owner of the University of St.Gallen is the canton. The HSG continues to fulfill its public mandate in education, research and knowledge transfer in the service of society and the economy in corresponding performance agreements and financed by the state contribution. This is not about privatization, but about remaining competitive with top international universities in the long term.
The 20 million francs from Christen Sveaas are described as an "anchor donation". How high should the HSG Endowment's capital stock ultimately become?
According to Christen Sveaas , he wants to"encourage other HSG members to help build up a profitable endowment." The HSG Foundation's ambitions are high to further increaset he capital stock from donations and legacies from donors in order tobe able to finance excellence projects to the necessary extent from substantial interest income . It is in the nature of things, however, that donations can not be predicted.
What say do major donors actually have - formally and informally?
The freedom of research and teaching remains guaranteed at all times as a fundamental principle of the university, regardless of the donation. In the case of the endowment, a number of existing or future strategic initiatives are supported. A donor can express wishes in this regard as to which focus the donation or the income from it should be allocated ("earmarked"). In addition, the donor should be visibly thanked if desired and take on an inspiring role on campus. In this way the HSG wants to promote the entrepreneurial spirit - through presence, determination and sustainable commitment.
What are the criteria for rejecting a donation?
In principle, the acceptance of third-party funding at the HSG is regulated in the University Act (Art. 64 UG). "The financial support of the University by third parties [...] is permissible if it does not impair the freedom of teaching and research." The HSG Foundation is currently conducting a due diligence procedure to check the harmlessness of donations. This procedure is the prerequisite for the acceptance of donations of CHF 100,000 or more, which is the responsibility of the HSG Foundation's Board of Trustees.
What investment policy is pursued with the HSG Endowment? What performance does HSG expect?
It is still too early to make detailed statements on the investment policy
At the HSG Foundation Board meeting on May 8, 2026, the governance framework for the HSG Endowment was adopted and Christian Staub, Senior Advisor at Fidelity International, was elected Chairman of the Investment Committee. The aim is for an independent, high-caliber and honorary Investment Committee to decide on the investment strategy. The more detailed regulations, including all relevant key figures and a proposal for the strategic asset allocation, will subsequently be drawn up by the Investment Committee and submitted for approval at the Board of Trustees meeting on October 19, 2026.
What are the costs of asset management?
The Investment Committee will carry out its activities on an honorary basis. Depending on the portfolio and asset classes in accordance with the investment strategy to be defined,management costs will be incurred in the usual range. These are covered from the income without touching the capital.
How are any conflicts of interest, e.g. due to own mandates, avoided?
The members of the Investment Committee are obliged to disclose any conflicts of interest and, if necessary, to declare themselves biased.
How is the governance of the HSG Endowment ensured?
The committees comprise an "Endowment Project Team" (consisting of members of the Foundation Council, the management of the HSG Foundation and the President of the University Council as a guest), the Investment Committee of the HSG Foundation (responsible, among other things for supervising the "Investment Committee for the Endowment Fund", consisting of members of the Foundation Council and the management).responsible for the supervision of the "Investment Committee for the Endowment Fund", consisting of members of the Board of Trustees and the Management Board) and the Investment Committee. Bodies and reporting obligations (internal and public) are subject to the decision of the Board of Trustees.
The Investment Committee
The Investment Committee is made up four qualified individuals with extensive experience in asset management, high professional integrity, impartiality and close ties to the University of St.Gallen. Its Chairman is Christian Staub.