And experience with manager search and selection in opportunistic credit is highly desirable. President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. 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.. Base salaries for presidents and CIOs at major schools may not be very different, but the big performance bonuses paid to the CIO can leave him or her making two or three times the presidents total. 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. Affiliation: Office of the President. It is not clear if this factor influenced the decision. Jun 2018 - Aug 20183 months. John Lawler is chief financial officer at Ford Motor Company and has overall responsibility of finance functions including Accounting, Financial Planning and Analysis, Treasury, Tax, Investor Relations, Economics and Audit as well as the Ford Credit business. Paula will help ensure that we continue to have the resources needed to fuel the world-leading research of our 70 heads of laboratory in pursuit of our mission, Science for the benefit of humanity., I have long admired the dedication and focus of the entire Rockefeller University community on conducting ambitious science that expands our knowledge of the world and has a positive impact on society, says Volent. Here are our top-ten highest paid endowment chief investment officers for calendar year-end 2015 compared to the pay of their respective presidents in the same period. $1,981,536,000. There's not much that hasn't been long since said. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. This anecdote launched the larger theme of Mills' address, which posed the question of whether the College's generally liberal persuasion detracts from intellectual diversity on campus. A recent and noisy case in point arose in Michigan. $1,200,798. Paula Volent '97 will be the next chief investment officer of Rockefeller University, with responsibility for managing its $2.5 billion endowment, the New York City research university announced. Senior Vice President and Chief Investment Officer. Prior to his work in the field of investments, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. DeGraff earned her master's and doctorate . Here are their stories. 520-529-5677 Most of it is publicly available, anyway; as long as youre willing to scrounge for it. Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. The Investment Office serves Wellesley College's missionto provide an excellent liberal arts education for women who will make a difference in the worldthrough the management and oversight of key College financial assets and benefit plans. On July 1, Paula Volent, Bowdoin's chief investments officer, will be stepping down from her position after more than two decades of service to the College. These are the employers against which the university competes for talent recruitment and retention.. Niles is uniquely positioned for this leadership position at Bowdoin, Volent said in a statement. The hitch is the long time-lag more than two years before the data is publicly available. Our insights and commentary come from our clients board members, CEOs, chief investment officers and the global investment community within which we work as executive search professionals. Associate VP and Chief Investment Officer. During this recent challenging period, Niles has worked side by side with me and our investment committee on managing Bowdoins portfolio, augmenting the investment team, and carrying out our due diligence on potential opportunities.. The directory includes famous graduates and former students along with research and academic staff. 5700 College Station (207) . Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Each issue explores how the worlds most accomplished asset managers think and invest. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. 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 . 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.. And, we see no reason why we shouldnt share some of that bounty with our readers. The fact that a major university would go to some trouble to avoid disclosing that information does speak to the highly competitive market for top CIOs. The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . skorina@charlesskorina.com Bowdoin's investment team is collaborative, research oriented, and performance driven. "The College's endowment is invested across a range of asset classes in global markets. What is a Chief Investment Officer? Alice A. Ruth '83 (Photo courtesy of Alice A. Ruth '83) Highly regarded and experienced investment manager Alice A. Ruth '83 has been named Dartmouth's chief investment officer, the College announced today. Because there are very few public universities in our endowment peer group, virtually no comparison [sic] schools will ever have to make their plans public. CIO compensation is primarily a function of AUM. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. But there are exceptions. Stanley Druckenmiller 75, the chair of Bowdoins Investment Committee, said, Niles will do an outstanding job as our next CIO, and I look forward to working with him., Niles is uniquely positioned for this leadership position at Bowdoin, said outgoing Chief Investment Officer Paula Volent. Smith, who has served as the university's co-chief investment officer ad interim since March 2020, was chosen following an extensive national search. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. Friends and Colleagues Remember David Swensen, Top Returns at Midsize Endowments Challenge the Yale Model, U.S. Senate Has HELP for Retirement Plans, Modern Slavery Act Transparency Statement. Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . Bryant will succeed Paula Volent, who announced in February that she intends to step down . Copyright 20042023 The Rockefeller University. Benje Douglas Senior Vice President for Inclusion and Diversity. WALDOBORO Jean Meredith (Bordo) Lawrence, 83, of Waldoboro, passed away peacefully on Monday, February 27, 2023. Administration. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. Compensation is a delicate issue; but recruiters need to keep track of it. 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. This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. "If you use your conservation skills on . He then went on to earn a PhD in biology at Syracuse University in 1976 and a JD from Columbia University in 1979, where he was a Harlan Fiske Stone Scholar. She is also a council member at the Maine Coast Heritage Trust and a financial advisory committee member at the American Institute for Conservation. Paula Volent was named vice president and chief investment officer of The Rockefeller University, New York, where she will oversee the management of its $2.3 billion endowment. Before submitting a comment, please review our comment policy. Niles exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula, Bowdoin President Clayton Rose said in a statement. I had no background in finance, and I think thats [an] interesting [story] for Bowdoin students because you never know how your career is going to pivot I went to Yale initially thinking that afterwards, I was going to be a museum director and go back to the arts.. The chief investment officer (CIO) usually oversees . 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. . Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. In the latest issue of the Claremont Review of Books, President Barry Mills receives something of a tongue lashing for his September convocation address dealing with intellectual diversity at the College. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. Joshua Lawrence Chamberlain 1852, Bowdoin College professor (1855-62), Civil War brigadier general, Medal of Honor recipient, Maine governor (1867-71), and president of Bowdoin College (1871-83) Michael J. Connor 1980, USN Vice Admiral, Commander, Submarine Forces (2012-2015) Abraham Eustis 1806 (M.A. Shell be making something like $340 thousand (the average director comp in cash and stock in 2017) for serving on two key committees (audit, and governance) on the relatively small board of a big, complex company. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . Harvards CIO-of-record in FY2017 was Narv Narvekar. . Led by Chief Investment Officer Mauricia Geissler and operating under the guidance of Amherst's Investment Committee, the Amherst College Investment Office is . Starting right in the middle of the dot-com bubble, Volents first task was damage control; she managed to hold losses to just $15 million of the endowments $465 million valuation when she first came on board. Sheri B. Bronstein '90, Ridgewood, New Jersey, Chief Human Resources Officer, Bank of America (2023), Visiting Committee on Environmental Studies Ryan Connolly '07, Wellesley Hills, MA, First Vice President and Private Wealth Advisor, Morgan Stanley PWM (2026) Charles T. Diamond '12, New York, New York, Deputy Chief of Staff, City of New York, Mayor's Office of Contract Services (2026 . Endowment Index Ends Second Straight Year at Record High, Tags: Bowdoin, CIO, Clayton Rose, Endowment, K. Niles Bryant, Paula Volent, Massachusetts Pension Fund Increases Corporate Diversity Standards, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. . 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. Washington, District of Columbia, United States. He received a big payout classified as other in calendar 2015. 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. She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. "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.". A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. Bowdoin College. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Investment Officer - Sourcing and structured investments in Albania . Volent has an M.B.A. from the Yale School of Management, an M.A. He holds degrees from Bowdoin College, University of St. Andrews, and University of Connecticut School of Law. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. He started in April as director of investments. CHIEF INVESTMENT OFFICER IS OPTIMIZED FOR. 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. Or, you can file a FOIA request. 7.7. US Army Russian Linguist, Japan in 2008 and earned his J.D. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. Although the gross number had become public, the Detroit Free Press still sued the University to obtain details about how it was calculated. On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. You are strongly encouraged to use a real name or identifier ("Class of '92"). The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. He will begin work in mid-September, following his relocation from New York City. The Endowment is managed by a professional investment staff within the NYU Investment Office. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. 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. The latest discoveries delivered straight to your inbox. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. Capital Projects, and Special Counsel. Office of the President. Corner Office. The corresponding data for most public schools is often fresher, but its scattered among various and often quirky databases in various jurisdictions with various disclosure rules. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. Most of that consisted of a $13.6 million bonus. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Culver Academies, 6080 N. Sabino Shadow Lane | Tucson, AZ 85750 | 520-529-5677, Jane Dietze, promoted to CIO at Brown University, Compensation and chief investment officers, New York Pension Chief Cashes in on Natural Gas, Ex-pension chiefs cushy gas company gig raises eyebrows, Estimated Compensation for Six-Person Family Office. Bowdoin has established a second investment office in New York City, College officials confirmed this week. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. Chief Investment Officers vs. University Presidents. In Roses eyes, Volents loyalty to Bowdoin in the face of far more flashy and lucrative competing job offers over the past two decades most clearly capture her commitment to and love for the College, and this in itself is deserving of gratitude. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. But over 5 years Bowdoin beat him by 170 basis points! 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. 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. He will succeed Paula Volent, who announced in February that she intends to step down in June after more than twenty years in the position. Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. Ribeiro will serve as co-CIO of global growth equity discipline and will share the role until May 31 with Keith Creveling, until he moves into a portfolio management role. Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. Prior to working in the investment industry, Volent was a paper conservator at the New-York Historical Society, the San Francisco Palace of Fine Arts, the LA County Museum of Art, and the National Gallery of Art in Washington, D.C., according to her biography on the museums website. She will assume stewardship of the universitys endowment starting August 15. Endowments Should Abandon Alts for Passive Investments, Report Says. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. In the early 2000s, as Williams' endowment rose above the $1 billion mark, we knew our increasingly complex portfolio and expanding group of outside investment managers would eventually require full-time professional oversight. In March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and is preparing to meet with her successor, Niels Bryant, to plan for the . Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. New Bowdoin Podcast to Tackle Issues of Democracy. Michael Cato Senior Vice President and Chief Information Officer. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . The College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management His typical pay is less than half the total shown for CY2015. 5700 College Station (207) 725-3221. Over the duration of her career in Brunswick, Volent oversaw the growth of Bowdoins endowment from $465 million to its current $2.4 billion valuationgrowth which has fundamentally altered the Colleges financial capabilities and enabled it to be one of 19 need-blind colleges nationwide in its admissions policies and meet full demonstrated financial need with zero loans. 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]. He added that Volent and her team have produced investment returns that changed both the trajectory of the college and the lives of thousands of students who benefitted from the financial aid resources generated from its endowment.. This is probably deferred comp which was accrued over several years and finally disbursed per his contract. Retained Executive Search Niles then worked as an Associate at Dewey & LeBoeuf LLP from 2000 to 2001. Thats about standard for a company of this size in this industry. . Im going to stay very much involved with the College when I leave.. Other, non-W2 items benefitting the CIO are often reported to the IRS (and are sometimes substantial) but we omit them for our purposes. Ernst & Young Systems and process consulting I said, No, Im an artist, of course not!. 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. This is typical compensation for a manager of an educational endowment the size of Bowdoin's, and it reflects the strong returns Volent has achieved in recent years. We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. You've seen his Stanford commencement speech, of course. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. A statement sent to the Orient did not disclose the date of the opening, though a February 22 article published on the website of Foundation and Endowment Intelligence suggests that it occurred earlier this year. Courtesy of Arthur Cohen Investment Guru In 2015, Paula Volent, the highest paid employee in the NESCAC, earned nearly one million dollars more than the previous year. VICE PRESIDENT FOR ACADEMIC AFFAIRS. Bowdoin College Apr 2012 - Nov 2013 1 year 8 months. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . She succeeds Amy Falls, who is leaving the post this spring . E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. Paula Volent, senior vice president for investments, wrote in an email to the Orient that the impetus for opening the office was "to attract and retain experienced professional talent for the oversight of Bowdoin's endowment portfolio.". 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. Sometime this past February, a self-proclaimed "doddering alum" of the Class of 1976 joined the elite club of individuals who have clicked the "Ask Us Anything" button on the Orient Express. Bowdoin College has earned a 100% for the Accountability & Finance beacon. An example is Douglas Phillips at University of Rochester. A Maine resident herself, Volent will remain connected to the College and the state even after she assumes her new position. Upon graduating, he soon began working at the law firm, Debevoise . 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. Rockefellers endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly 30 percent to the operating budget each year, directly supporting its ability to fund laboratories, pay salaries, and invest in new technology. She was a hot property as a potential board member and she was brought to Williams by a recruitment firm following a nation-wide search. [II Deep Dive:The Endowment Location Conundrum]. No hate speech, profanity, disrespectful or threatening comments. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. According to the Associated Press, Gwen Lexow, Bates director of Title IX and civil rights compliance, wrote in an email to students that said she heard members of the Bates community expressing deep concern about the impact of the language contained in the flyers and graffiti, particularly on Jewish members of our campus community. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. They generally get no performance bonus (or only a modest one). The average Community Reinvestment Officer salary in Abbot, ME is $78,226 as of February 27, 2023, but the range typically falls between $55,781 and $98,510. Copyright 2023 Asset International, Inc. All Rights Reserved. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. chief investment officers - and the global investment community within which we work as executive search professionals. Orlando named chief financial officer at Bowdoin College. from the Catholic University of America Columbus School of Law in 2015. . 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. Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . A first-generation college student herself, Volent earned her undergraduate degree in art history on a scholarship from the University of New Hampshire, a passion that turned into a full-fledged career before investing was ever on her radar. Her portfolio even . Senior Staff. At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . In a field still dominated by men, she has been nationally recognized for her standout success. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. Nearly half of the endowment is permanently restricted by donors to the support of student financial aid. Presidential pay is structured very differently from a CIOs. But in big-time academia, CEO pay often trails the CIO and probably the football and basketball coaches as well. Chief. At Yale, Volent took classes and also held a job in the investments office under David Swensen, Yales longtime investments manager who passed away last week. Chief Investment Officers Institutional Asset Managers . For all of those things that we understand to be the liberal arts and the power of it, shes demonstrated that you can have success in one area and then have the capabilities, the skills, the underlying education to be able to pivot and then have success in another.. And we need to give our thanks for that too., By NoahSaperstein • November 11, 2022, By MargaretBoyle • November 16, 2018, By MinaZanganeh and JulianaVandermark • 8 days ago. His new employer gave him a $1.8 million mortgage loan at (presumably) a very nice interest rate. She serves on a number of boards and investment committees including those of the National Gallery of Art, the Yale School of Management, The Rockefeller Foundation, the National Womens History Museum, Girls Who Invest, and MSCI. Michigan State University and The Boston College endowment exists to support the goals and operations of the University over the long term so that current and future students, faculty and staff benefit from investments. 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. Work at the Investment Office centers on selecting and monitoring investment . But they may get significant other items to round up their total. I think that I am a better investor for my background in the liberal arts, Volent said. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. In 2015 Paula Volent, Bowdoin College's chief investment officer, managed a hefty 14.4% return on the Maine liberal arts college's then- $1.4 billion endowment. Its my home. Some key points from the policy: Go to content, skip over visible header bar, Orient article offers singular, alarming interpretation, President Rose, College community react to revealed Epstein ties with former trustee Jes Staley '79 P'11, Owner of At Last Spa promotes personal health and wellness practices, Graffiti at Bates being investigated as possible hate crime; Bowdoin students write letter in solidarity with protestors, Mckesson 07 H21 debuts fireside chats as first of this years honorary degree recipients, Shift in off-campus study policy now allows more students to go abroad for the fall, Professor of Government Chryl Laird to leave Bowdoin for University of Maryland.