Good news and bad news

Rarely does the business section of the Sunday New York Times contain two articles on trusts, much less on facing pages, but that's what confronted your Senior Assistant Blogger this morning.

The good news: Trusts for pets, a concept validated by the Uniform Probate Code and now permitted in 27 states.

The bad news: Harvard Alums can set up charitable remainder trusts that are invested alongside Harvard's legendary endowment. Harvard's returns have been stellar - a 15.9 percent average over the last decade; 21.1 percent last year. Yale, with a return on endowment of 19.4 percent last year, is expected to offer its alums the same service. If another universities follow suit, that means serious new competition for corporate trustees.

Investment tip: Harvard's endowment has reduced its domestic-equities exposure and heavied up on bonds, private equities and hedge funds.