What is a Chief Investment Officer? In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. 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. . 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." 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.. 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. 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. 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. 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 . chief investment officers - and the global investment community within which we work as executive search professionals. Copyright 2023 Asset International, Inc. All Rights Reserved. Officer. 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. Beth Kowitt 07 Wins New York Press Club Award. Ms. Volent, who has had the top investment position at the Brunswick, Maine-based college since the . All rights reserved. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. 3.3.2023. 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. But its been like pulling teeth in many places. He will begin work in mid-September, following his relocation from New York City. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. 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 Colleges $1.8 billion (as of June 30, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. 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. 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. Most of that consisted of a $13.6 million bonus. The school announced Thursday that Volent, who had served as the endowments investment chief since 2000, will leave on June 30, 2021, at the end of the academic year. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. Aerial views of campus with pops of brilliant fall color, thanks to local drone photographer Glenn Michaels. The two-year lag in comp reporting is annoying, although we get to blame the IRS. 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.. She succeeds Amy Falls, who is leaving the post this spring . In calendar year 2009the most recent for which data is availableshe was Bowdoin's highest paid employee, with a compensation package worth $772,873. An outrage outfit called (appropriately) Sludge, with some like-minded media allies, produced a hit-piece which they called New York Pension Chief Cashes in on Natural Gas. Kathy Weiler oversees market strategy, product development, brand management . Work at the Investment Office centers on selecting and monitoring investment . "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Patricia Ribeiro Promoted to Co-CIO of Global Growth Equity at American Century Investments. (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . Compensation is a delicate issue; but recruiters need to keep track of it. Ernst & Young Systems and process consulting Many details about the office remain unknown: Volent did not specify where in New York City the office is located, its physical size, or if there is a possibility that it will become the College's primary office in the future. 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. She did it because of her love for Bowdoin. The New York office will ostensibly aid Volent's management of the endowment in several ways. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. 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? As a member of the Bowdoin Museum of Arts advisory board and an emeritus senior vice president, Volent will maintain the relationship with the College that she has remained committed to for over two decades. Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. Her portfolio even . Lewiston, Maine 04240. 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. 5700 College Station (207) . from the University of New Hampshire. Reports of the Secretary of War, Chief of Staff, Adjutant General, Inspector General, Judge Advocate General, Quartermaster General, Surgeon General, Chief of Ordnance, Chief Signal Officer, Chief of Militia Bureau, Chief of Coast Artillery, Superintendent Military Academy, Chickamauga and Chattanooga Park Commission . Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. Williams is an S&P 500 company, so virtually every institutional investor on the planet has a piece of their equity. EDUCATION: Brandeis University, Bowdoin College. VICE PRESIDENT FOR ACADEMIC AFFAIRS. Retained Executive Search . Michael Cato Senior Vice President and Chief Information Officer. Paula and her team have produced remarkable investment returns for Bowdoin 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, said Bowdoin College President Clayton Rose. 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. from the Catholic University of America Columbus School of Law in 2015. . 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 . <br><br>After graduating from Bowdoin College in 1992 with degrees in both Economics and Spanish, he began his . Endowments Should Abandon Alts for Passive Investments, Report Says. In the overarching sense, however, Volents career trajectory will always be of special relevance to Bowdoin. 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. Niles Bryant is the SVP and Chief Investment Officer at Bowdoin College. "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.". 5 free lookups per month. 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.". Middlebury Institute of International Studies at Monterey 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. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . 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. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. If youre interested, send me your resume. Chief Investment Officer Bowdoin College Jul 2021 . Tucson, AZ 85750 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. Michelle Chamberlain. Administration. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. Most recently, he served on the investments team as director of real assets at the Gordon and Betty Moore Foundation, a Bay Area private foundation with an $8 billion endowment. Executives Listed on Filing. Sharon K. Basso. "It has been a great honor to oversee Bowdoin's endowment," said Volent. 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. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. Investment . Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. 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. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Paula had opportunities to do all kinds of things over many yearsto go to other placesand she stayed here because she loves Bowdoin, Rose said. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. 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. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. Net Assets. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. An example is Douglas Phillips at University of Rochester. Upon graduating, he soon began working at the law firm, Debevoise . Paula is a proven leader not only in terms of producing investment results but also as a mission-driven member of the senior executive team.. 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. But there are exceptions. The most obvious one here is Paula Volent at Bowdoin College. See the metrics below for more information. Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. 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. April 16, 2021. Search Bowdoin College Search. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. About . Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. 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. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. 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. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. 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. Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. 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.. Nevertheless, the losses didn't make a dent in last . You've seen his Stanford commencement speech, of course. By RebeccaNorden-Bright • May 14, 2021. 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. Volent changed her mind after chatting with a friend of a friend who was a dean at the Yale School of Management and was accepted after deciding to apply on a whim. The same week she was to formally confirm the acceptance, however, she got another job offer from the National Gallery of Art in Washington, D.C. Volent deferred her Yale acceptance to take the job, but after realizing how much of her work at the National Gallery was supported by endowments and dealt with budgeting and finance, she decided after a year and a half to accept the standing offer from Yale and enroll in business school full time. 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. Fortress Investment Group . 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. Thats about standard for a company of this size in this industry. Volent also cited proximity to fund managers as a primary reason for the new office. The stewardship of these resources includes the investment of the endowment and other financial . Vice President for Institutional Affairs. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. DeGraff earned her master's and doctorate . Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? Copyright 20042023 The Rockefeller University. 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 Volent. Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. 1K followers 500+ connections. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. The latest discoveries delivered straight to your inbox. 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. A source with knowledge of the decision, who asked to remain anonymous because they were not authorized to discuss the office, said that attracting talented financial professionals to Brunswick had been difficult, as the majority of them make their careers in New York. Ms. Fuller, prudently, chose not to dignify these charges with any public comment. . Following the U.S. Department of States (DOS) decision to merge its travel advisories with those set by the Centers for Disease Control and Prevention (CDC), these students were notified during the first round of course registration that, if they were traveling to a country that the DOS had just categorized as Level 4, they were strongly encouraged to withdraw from their prospective study abroad status with Bowdoin and register for courses. The speech was well-received, and the school year proceeded. With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. In this section. Members were drawn from the board of trustees, faculty, administrative and support staff, student body, and alumni community and announced May 20, 2022, by trustees Sydney Asbury 03 and Bertrand Garcia-Moreno 81, P17, the search committees cochairs, and by Robert F. White 77, P15, chair of the board of trustees. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . 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. Michigan State University and Its ironic that data for public colleges has sometimes been the least public. I started taking business classes at night at UCLA, and one of my professors said, youre pretty good at thishave you ever thought about going into business school? Volent said in a phone interview with the Orient. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. We need a senior investment officer with experience at a top-tier asset owner such as an insurer, health system, endowment, foundation, pension fund, family office, or institutional asset manager. Bryant will take the helm a little more than a year after joining Bowdoins investment office. He almost certainly makes more. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS.

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