Stanford’s endowment is worth billions, but some changes are occurring.

The Wall Street Journal reports.

Stanford Endowment Manager Loses Staff Amid Strategy Changes

It didn’t take long for Robert Wallace to shake up the nation’s fourth-largest endowment at Stanford University.

Four months after the 49-year-old succeeded John Powers as head of the $25 billion Stanford Management Co., several investment employees are leaving amid strategy changes initiated by Mr. Wallace, according to a spokesman.

It isn’t known exactly how many officers are participating in the exodus. A Stanford spokesman declined to comment on the reasons for the departures but said in a statement that “it is not unusual for staff changes to occur following a transition in leadership in an investment organization.” Mr. Wallace “has been working since March on an investment strategy that places different demands on the organization,” the spokesman said.

During 2014, Stanford’s endowment earned a 14.8% return, compared with 15.5% for endowments tracked by the National Association of College and University Business Officers, or NACUBO, and Commonfund. Over the past decade, Stanford Management had an annualized rate of return of 9.9% and increased assets from $10 billion to $25 billion.