who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. Niles has over 20 years of experience in the investment industry. Chief Investment Officers vs. University Presidents. Copyright 2023 Asset International, Inc. All Rights Reserved. In calendar year 2009the . Michael S. Hussey. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). Prior issues can be found in archives on our website, Charles Skorina & Company "If you use your conservation skills on . He earned his law degree at the Duke University School of Law in 1998 and his MBA in 2003 at Dartmouth Colleges Tuck School of Business. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. 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 . Washington, District of Columbia, United States. He started in April as director of investments. Mills added that his interlocutor aggressively opined that he would support neither Bowdoin nor his own alma mater "because of all your misplaced and misguided diversity efforts.". So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. 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. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. We doubt if anyone is going to top it. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. 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. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management . Search Bowdoin College Search. Niles is uniquely positioned for this leadership position at Bowdoin, Volent said in a statement. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. 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. She is also a council member at the Maine Coast Heritage Trust and a financial advisory committee member at the American Institute for Conservation. Aerial views of campus with pops of brilliant fall color, thanks to local drone photographer Glenn Michaels. NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. Jun 2018 - Aug 20183 months. . 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. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. If youre interested, send me your resume. Salary ranges can vary widely depending on many important factors, including education , certifications, additional skills, the number of years you have spent in your profession. [Swensen] took me inhe had me filing at first, and over time, he got me working on projects, Volent said. A recent and noisy case in point arose in Michigan. According to the Foundation and Endowment Intelligence report, the College is now looking to hire a head of private equity and a head of real assets. The Bates Leftist Coalition (BLC) shared pictures of the graffitied phrases, Free Palestine, Stop Ethnic Cleansing, Israel is killing innocent people and [expletive] Zionist Israel. Printed by Penmor Lithographers, Lewiston, Maine. When Volent took on her position in the summer of 2000, Bowdoins endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. I feel like in investing, that approach has carried over. As Mills told the story, an opponent said to him mid-swing, "I would never support Bowdoinyou are a ridiculous liberal school that brings all the wrong students to campus for all the wrong reasons." 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.. Bowdoin College. 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. 520-529-5677 Published October 05, 2022 by Bowdoin College. CIO editor Christine Giordano said, "We were very impressed by all that she has been able to accomplish in such a short amount of time.". The College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. $10.5. It is invested globally across a diverse range of . from the University of New Hampshire. Wilshire Lays Out a Broader Asset Allocation, Kentucky Retirement System Trustees Say It Is Not Subject to State's Anti-ESG Law, Ohio State Pension Approves New Asset Allocation. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. 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. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. . Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. The speech was well-received, and the school year proceeded. You've seen his Stanford commencement speech, of course. But they may get significant other items to round up their total. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. Read Bio Covid-19 Response Team. . Read our full privacy policy for more. 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. (Compensation as of calendar year-end 2015. Kathy Weiler oversees market strategy, product development, brand management . She intimated to us that she was considering a board position, but that she hadnt yet pulled the trigger. 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. 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. 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. Volent credits Swensen with helping develop her investing methodology and giving her the confidence to consider pursuing investing as a career and eventually working her way to the pinnacle of the field. Its the same as with conservation[in conservation], we do tons of looking under the microscope, testing, and then you have to have the bravery to do the treatment because youre making a commitment [by doing that]. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. 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. Chief Investment Officer at Bowdoin College New York, New York, United States. So many interesting people in finance have art history degrees or literature degrees, [that sort of background in] the liberal arts., Shes a wonderful example of what the liberal arts is all about and the power of the liberal arts, Rose said. COVID-19 Testing and Response Team Specialist. Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: Its ironic that data for public colleges has sometimes been the least public. 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. 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. As of June 30, 2022, the three-, five-, and ten-year annualized returns for Bowdoins endowment were 15.7 percent, 14.7 percent, and 13.3 percent, respectivelyall in the top 5th percentile among comparative college and university annualized returns, according to data compiled by Cambridge Associates. Paula Volent. from New York Universitys Institute of Fine Arts, and a B.A. April 16, 2021. Weve been skeptical of that number for a while, but the U was eventually prodded into disclosing that Mr. Lundberg actually made $2 million in 2017. Capital Projects, and Special Counsel. Harvards CIO-of-record in FY2017 was Narv Narvekar. During her time at Bowdoin, Volent oversaw top-decile growth of the colleges endowment over the past one-, three-, five-, ten-, and twenty-year periods. Financial services and technology are . (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . $1,981,536,000. 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. Sharon K. Basso. Kathleen E. Jacobs , Chief Investment Officer Skip Sidebar. 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. In the overarching sense, however, Volents career trajectory will always be of special relevance to Bowdoin. 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. This is a new position with a highly rated, multi-line insurance company located in the greater Philadelphia area. 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. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. See the metrics below for more information. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. In the aftermath of the January 6 attack on the Capitol, the College is presenting a series of discussions with leading experts on the current state and futu. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant with the support and insights of our Investment Committee, did outstanding work to preserve much of the extraordinary gains we earned in the prior year, while generating substantial liquidity. Paula Volent, Bowdoin College's chief investment officer, announced she will leave her post June 30, 2021, at the end of the current academic year, to pursue the next chapter in what has been a varied and tremendously successful career at the College. When she first started in 2000, the investments office position was barely recognizable from its current incarnationin fact, it was largely a one-woman job. VICE PRESIDENT FOR ACADEMIC AFFAIRS. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. Of the total endowment distribution in 20192020, approximately $33 million supported financial aid, accounting for approximately three-quarters of Bowdoins $45 million financial aid budget in the last fiscal year. The financial press has called Volent one of the savviest investors in the non-profit world and a pioneer in a male-dominated field. In 2020, Volent was included in Barrons list of 100 Most Influential Women in US Finance., Beth Kowitt 07 Wins New York Press Club Award, Alex Marzano-Lesnevich and a Double Dose of Joy and Empowerment in Two New York Times Pieces, Its perhaps a sign of the times that Alex Marzano-Lesnevich has been, Purnell Tells "Brooklyn Resists" Story in Outdoor Installation, On June 19, Juneteenth, the holiday celebrating the emancipation of those who had been enslaved in this country, the outdoor installation, Do Big Bucks Bring Big Rewards? Corner Office. Work at the Investment Office centers on selecting and monitoring investment . 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. Some things might look and act a little weird. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . (See our complete compensation chart just below.). As a member of Bowdoins senior leadership team, Bryant will report to Rose. 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. No Reproduction Without Prior Authorizations. K. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College, where he will be responsible for managing the College's $1.8 billion (as of June 30, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. Can an 'Agreement to Agree' Support Expectation Damages? The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. Volent also cited proximity to fund managers as a primary reason for the new 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. It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. US Army Russian Linguist, Japan She did it because of her love for Bowdoin. But there are exceptions. Paula Volent, Bowdoin Colleges chief investment officer, announced she will leave her post June 30, 2021, at the end of the current academic year, to pursue the next chapter in what has been a varied and tremendously successful career at the College. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). 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. Manager Selection February 23, 2023. Institutional investors operate at the crossroads of capital . Ms. Fuller, prudently, chose not to dignify these charges with any public comment. Updates on the University COVID-19 response and operations available, Clinical Research and the Rockefeller University Hospital, Chemers Neustein Summer Undergraduate Research Fellowship Program, Campaign for the Convergence of Science and Medicine, Experience Science, the Arts, and Culture, Meet the scientific leaders who are changing medicine, Peek inside our 71 biomedical laboratories, Learn more about our flexible, supportive academic programs, Learn about the breakthroughs happening every day, Hear from the worlds leading speakers and thinkers, Weve spent 122 years perfecting the bioscience institute. In a very few cases we estimated comp based on our industry knowledge, rather than omitting a major school. or (OCIO firm) . The Bowdoin endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. As an extra, added bonus for those who have read this far, lets take a quick look at CIO vs. presidential pay at a few major schools. All rights reserved. A Bird's-Eye View of Fall Color on Campus. No hate speech, profanity, disrespectful or threatening comments. (The smaller TAM Foundation is managed separately.). Always high-quality. Bowdoin College - Mid-career pay: $135,900 . 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.. 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. Matthew G. Bibbens '92. 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. He earned an undergraduate degree in classical archaeology at the University of Michigan and a law degree at the Duke University School of Law, as well as an MBA from Dartmouth Colleges Tuck School of Business. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . 30. Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. Affiliation: Office of the President. 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. She holds a masters in business degree from the Yale School of Management. 2 Andrews Road. in 2008 and earned his J.D. Download pdf of bio. 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. 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. 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. Bryant will succeed Paula Volent, who announced in February that she intends to step down . However, Volents path to Brunswick wasnt through finance at all. Join to view profile . Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . Bryant joined Bowdoins investment office in April 2020 as director of investments, following sixteen years as an investment professional and earlier as an attorney specializing in capital markets and mergers and acquisitions. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. 7.7. With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. His typical pay is less than half the total shown for CY2015. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. If you have a friend or colleague who might be suitable, please spread the word. 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. Volent will join the biomedical research institution this summer from Bowdoin College, where she led the $2 billion endowment for the past two decades. We should also mention that we used a $1 billion AUM lower bound for this list. Work. Skorina seeks CIO for $1.5 Billion portfolio. A search committee has been formed to identify the sixteenth president of Bowdoin College. As of June 30, 2020, the three-, five-, and ten-year annualized returns for Bowdoins endowment were 10.7 percent, 8.5 percent, and 11.6 percent, respectivelyall in the top fifth percentile among comparative college and university annualized returns, where the respective median returns were 5.2 percent, 5.0 percent, and 7.4 percent. Bowdoin has established a second investment office in New York City, College officials confirmed this week. Retained Executive Search 5700 College Station (207) 725-3221. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Here are their stories. We'll never use your email for anything other than this newsletter.