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John Powers is going home again. On June 26 the 53-year-old head of research at Offit Hall Capital Management will become president and CEO of Stanford Management Co., the $15 billion endowment of Stanford University, where he earned his MBA in 1983. He succeeds Mike McCaffery, who is leaving to set up Makena Capital, an investment fund for wealthy investors.

"My personal life and my experience and memory of Stanford are completely interconnected," says Powers, who earned a bachelor's...