Bloomberg. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. Bowdoin College names new CIO. In a very few cases we estimated comp based on our industry knowledge, rather than omitting a major school. Each issue explores how the worlds most accomplished asset managers think and invest. I am excited to lead this effort and deepen the College's investment capabilities with an eye on the long term." Bryn Mawr's endowment market value was $888 million at the end of the 2018-19 fiscal year, and net assets of the College were $1.08 billion. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. DeGraff earned her master's and doctorate . In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. Then, at the end of July, the publicly-listed Williams Companies (NYSE: WMB) announced her appointment to their board. Total comp: considerably more than 990 filing, Some observations and a quick look at CIO vs. presidential pay, We mostly follow the industry-standard AUMs reported to NACUBO, but we depart from them in a few cases. They develop both short-term and long-term investment plans, recommend investments and oversee a team of staff-members who are responsible for monitoring pensions, managing assets and . Read our full privacy policy for more. Paula Volent, a leading investment manager who oversaw Bowdoin College's $2 billion endowment for two decades, has been named Rockefeller's next vice president and chief investment officer. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. A recent and noisy case in point arose in Michigan. New Bowdoin Podcast to Tackle Issues of Democracy. Mr. Skorina also publishes THE SKORINA LETTER, a widely-read professional publication providing news, research and analysis on institutional asset managers and tax-exempt funds. On August 15, Volent will be moving on to her new role as chief investments officer at Rockefeller University, a graduate research institution in New York City. Year in and year out, working with her team and the Investment Committee, Paula has produced consistently outstanding investment returns, outpacing virtually every other college and university endowment in the nation over the short, medium, and long term.. $1,200,798. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. Vice President of Campus Planning and. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. A Bird's-Eye View of Fall Color on Campus. Corner Office. But in big-time academia, CEO pay often trails the CIO and probably the football and basketball coaches as well. Volent previously worked for Yale University CIO David Swensen and managed Bowdoins endowment alongside billionaire investor and Bowdoin College Investment Committee Chair Stan Druckenmiller, an alumnus of the college. Prior to moving into the financial sector, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. WALDOBORO Jean Meredith (Bordo) Lawrence, 83, of Waldoboro, passed away peacefully on Monday, February 27, 2023. New York Law Journal. Im going to stay very much involved with the College when I leave.. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. Zorina Khan on the Role of Prizes in Driving Innovation, Professor of Economics Zorina Khan shares her expertise and insights into the realms of economic history and technological progress with. The Investment Office team and the Institute's Board of Trustee Investment Committee's goal is to provide increased support for the Institute's academic and research programs . E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. But its been like pulling teeth in many places. Her portfolio even . Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. Having that background in art history and art conservatorship and coming at the world with a broad understanding of the issues the worlds facing [is so important]. Bowdoins endowment was valued at nearly $2.5 billion at the close of the fiscal year, including approximately $33 million in gifts and other transfers that were added to the endowment. This positions the College very well to continue our focus on supporting every student in need who has earned a spot at Bowdoin and to fund other important initiatives at the College.. All rights reserved. She will leave Bowdoin having brought the value of the endowment to $1.8 billion as of the end of the last fiscal year, 387 percent growth from when she started. Volent will succeed Amy Falls, Rockefellers current vice president and chief investment officer, who was named vice president and chief investment officer for Northwestern University in February. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. Its a constantly evolving spectacle and The Skorina Letter gives readers a ringside seat. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. Volent joins Rockefeller after two decades as chief investment officer for Bowdoin College, where she oversaw an endowment that grew from $465 million to $1.8 billion during her tenure. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. (He was paid $4.3 million by Columbia University in that period, but that was under a different contract with a different employer with a smaller AUM, making it triply apples-to-oranges.). And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. Presidential pay is structured very differently from a CIOs. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. And experience with manager search and selection in opportunistic credit is highly desirable. Williams' endowment is the largest of any liberal arts college in the country,but Williamstown, Mass., like Brunswick, is not a hotbed of financial activity. Any comments made with an email address that does not belong to you will get removed. This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. Nevertheless, the losses didn't make a dent in last . Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. Mills previously served as the deputy presiding partner of Debevoise . On July 1, Paula Volent, Bowdoins chief investments officer, will be stepping down from her position after more than two decades of service to the College. Benje Douglas Senior Vice President for Inclusion and Diversity. After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: He previously was director of real assets for the Gordon and Betty Moore Foundation for nearly 12 years, and before that was associate director of investments at the Carnegie Corporation of New York for over four years. WE'RE NOT ALONG: The investment office now has a satellite office in NYC. In this section. Chief Investment Officers Institutional Asset Managers EIN: 01-0215213; Classification Undergraduate College (4-year) . Paul Rucci. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. From 2004 to 2008, Bryant was associate director of investments at the Carnegie Corporation of New York, one of the nations oldest private foundations, where he worked with Chief Investments Officer D. Ellen Shuman, a member of the Bowdoin Class of 1976. Read Bio Covid-19 Response Team. As of June 30, the endowment had returned 10.7 percent over the last three years, 8.5 percent over five years, and 11.6 percent over ten years, according to an Octoberannouncement from the college. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. Barry Mills is the former president of Bowdoin College, a position he held for 14 years before retiring in 2015, and the former interim chancellor of the University of Massachusetts Boston, where he was credited with stabilizing the university's financial position. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. Accordingly, we wanted to list only CIOs who were the managers-of-record for that period so that pay could be usefully compared to performance. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. 207-786-6103. mhussey@bates.edu. I feel like in investing, that approach has carried over. The Investment Committee has oversight responsibility for the . Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. CHARLES A. SKORINA & COMPANY works with leaders of Endowments, Foundations, and Institutional Asset Managers to recruit Board Members, Executives Officers, Chief Investment Officers and Fund Managers. The endowment portfolio is diversified across different asset classes, including domestic and international equities, fixed income, private equity, venture capital, real estate, and absolute return strategies. If you're happy with cookies click proceed. . Location. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. $10.5. By far the most significant legacy she will leave from the growth of the endowment is to move us to among the leaders in financial aid of all colleges and universities in this country, President Clayton Rose said in a Zoom interview with the Orient. But, in an upcoming supplement to this letter, well look at recent historical trends in CIO pay, and will even daringly attempt to extrapolate what current (calendar 2018) pay may be for some of these CIOs based on that trendline. I have known Paula for my entire investing career and have always admired her investment judgment, passion for markets, and dedication to Bowdoin, noted Bryant. Bowdoin College Signatory to Supreme Court Amicus Brief Supporting Use of Race-Conscious Admissions Process, Bowdoin has joined with thirty-two peer institutions in an, Bowdoin College Presidential Search Committee Named. Lane Hall, Room 214C. No hate speech, profanity, disrespectful or threatening comments. Senior Staff. "It is important for the College to have a continued sense of leadership," said Mills in explaining why he chose to share his intention, "and I committed to the trustees last spring that I would let them know.". Thats about standard for a company of this size in this industry. Ammon, Peter H. U of Pennsylvania. The Bowdoin College endowment generated an investment return of -7.1 percent for the fiscal year that ended June 30, 2022, a highly volatile period for financial markets that saw the S&P 500 and the NASDAQ lose 10.6 percent and 23.4 percent, respectively. Bowdoins investment return, while negative, compares favorably with equity and bond markets, which registered losses in the double digits over this very challenging period, said Bowdoin President Clayton Rose. Manager Selection February 23, 2023. . Its rife with dark hints and insinuations that, since NYSCRF had had some investments with Williams, Ms. Fuller must have been the beneficiary of some greasy quid-pro-quo. In the first of a series of fireside chats with this years honorary degree recipients, the College welcomed DeRay Mckesson 07 H21, a Black Lives Matter activist and host of the podcast Pod Save the People, in a virtual conversation moderated by Beth Kowitt 07, a journalist for Fortune Magazine. Its ironic that data for public colleges has sometimes been the least public. Bowdoin College. Capital Projects, and Special Counsel. Orlando named chief financial officer at Bowdoin College. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. Paula is unquestionably one of the most accomplished investment officers in the country, and we are thrilled that she has agreed to join us in this vital role, says Richard P. Lifton, Rockefellers president. The team reports to the Chief Investment Officer, President of the College, and Bowdoin's Investment Committee. NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. Im eager to join that community of scientists, students, postdocs, administrators, staff, and trustees and, in my new role, to contribute to the universitys culture of sustained excellence by working to assure the strength of its financial underpinnings..