This article first appeared in the UConn Business magazine, Volume 1, Issue 1 (Summer 2009)

When Selma Cagatay-Searfoss ’94 (SSW) sought to mark the passing of her husband, David Searfoss ’76 MBA, she and her children created an endowment in David’s honor to support the School of Business’s Student Managed Investment Fund. “With this fund, we hope to encourage students’ education, but also to promote David’s legacy,” says Selma. “I think this fund really captures his vision and spirit. The whole family is thrilled with the establishment of the fund and with its current success.”

One of the School of Business’s most popular educational programs, the Student Managed Fund, established in 1999, offers students a rich experiential learning immersion in stock selection, trade execution, and portfolio management. Funded by the UConn Foundation in cooperation with the School of Business, the Department of Finance, alumni and private donors, the fund gives students a unique opportunity to apply classroom concepts to real-life investing.

Investing in the financial markets was a passion David Searfoss developed early in life. After starting his career as a Certified Public Accountant and eventual Audit Manager with Price Waterhouse in Hartford, he then became the Senior Vice President, Chief Financial Officer and Treasurer of the Orion Group. After serving as Vice President and Controller of the Orion Capital Corp, he became Executive Vice President and Chief Financial Officer of the Phoenix Home Life Mutual Insurance Company. David was also a Certified Financial Analyst, and formed Sears Investment Management, LLC a registered advisory firm.

Selma’s and David’s son Cengiz Searfoss, a managing director at DCS Capital, has taken on a more instrumental role in overseeing the Student Managed Fund. He greatly appreciates how experiential learning enables School of Business students to think more critically about their investment selections and the timing with respect to those decisions. “That type of risk awareness is something that doesn’t come instinctively until you start to manage money. These students gain
a good understanding of what they’re getting into and why. They really understand the backdrop, the industry, and the fundamentals; their in-depth understanding of decision-making is a real testament to the students and to UConn,” he says.

Both Selma and Cengiz agree that David would be especially proud of the character building that students experience as a result of their involvement with the Student Managed Fund. “Teaching students how to maintain the highest levels of integrity while maximizing returns is so important, so teaching students the importance of character building and business acumen is what would make David very happy,” Selma emphasizes. If any of the student’s investments go bad, they know they must be accountable to the board, and, as Cengiz shares, “that’s part of the accountability process.”

Selma, a native of Turkey, agrees that the family’s support of the Student Managed Fund is a particularly fitting way to  celebrate David’s legacy. “David always mentored young people, and he was an incredible teacher. He was such a gentle soul, in that sense. He demanded and expected more, but he was a great teacher and loved sharing his knowledge. He expected young people to strive and excel,” she says.

David’s love for discussion and ideas was infectious. His niece, Shebna Olsen, a wealth management professional with HSBC Securities, indicated that David “always talked to me like I was a peer. He constantly shared things with me; he was the best mentor I could ask for. Although he was a CFO, he would give all his knowledge away, if you were willing to talk with him.” As a son, brother, husband, father, uncle, and grandfather, David always encouraged those he loved to pay close attention to the world around them. He knew that understanding the broader world not only helped others make more informed financial decisions, but also helped one appreciate diversity and difference.

The Searfoss family looks forward to making the Student Managed Fund even stronger in the future. For example, both Cengiz and Shebna have expressed interest in strengthening the semester-long mentoring relationships between board members and students. Selma agrees that this mentoring reflects David’s spirit. “It’s important that we make sure students think about investments and finance with the highest levels of integrity, especially given the financial scandals of late. David had such incredible integrity, and that integrity is so important for our future business leaders to pass down to the next generation of investors,” she says.

In honoring her husband’s legacy, Selma hopes to set an example for future UConn alumni. “Giving to UConn is gratifying for us. I take it very seriously, for I feel it is our civic duty. Graduates gain so much, and it’s important for them to then give back. Our future generations need to see modeled for them the importance of giving back. I’m so delighted we are giving back to UConn. I enjoy passing the baton to young ones, and we all have to somehow be reaching out to the world.”

Cengiz also takes great pride in carrying out his father’s legacy. “I think my father would be over the moon with what has been accomplished with the Student Managed Fund. I think this program reflects so many of the values that he shared.
Investing was a passion that my father had, and I share that passion. With the Student Managed Fund, I feel that the students, the board members, and UConn’s faculty are all really rowing in the same direction, so to speak. It’s important to encourage these young minds to continue to think things through, to keep asking questions.”