bowdoin college chief investment officer

All funds are managed according to the policies established by the Board of the Purdue Research Foundation under the direction of the Investment Committee. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. 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. Bowdoin College. The Bowdoin endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. Bryants appointment is effective July 1, 2021. Capital Projects, and Special Counsel. Were convoluted, but were consistent. 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. As a member of Bowdoins senior leadership team, Bryant will report to Rose. 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. Nevertheless, the losses didn't make a dent in last . 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. 7.7. 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.. We wanted this chart to be a book-end to our reporting of investment performance for FY2017. 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. President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. The Orient was unable to confirm if this is the case; beyond the statement issued by Volent, senior administrators contacted for this story declined to comment, as did several trustees and faculty with knowledge of the move. Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. The Endowment is managed by a professional investment staff within the NYU Investment Office. 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. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . In addition to running her own conservation business, she served stints with the National Gallery of Art in Washington, D.C., the Los Angeles County Museum of Art, the Palace of Fine Arts in San Francisco, and the New-York Historical Society, among other organizations. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. 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. Chief Investment Officers vs. University Presidents. 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. This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. Leadership Maine is a powerful, nine month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. 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. Skorina seeks CIO for $1.5 Billion portfolio. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. VICE PRESIDENT FOR ACADEMIC AFFAIRS. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. Indeed, Volents first introduction to business and investing didnt come until she was well into her art career. Her record in the short, medium and long term of investment returns is at the very highest of all colleges and universities of this country that has allowed our endowment to grow and the biggest piece of our endowment is dedicated to financial aid. $10.7. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. Bryant will take the helm a little more than a year after joining Bowdoins investment office. Corner Office. Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our 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. She will assume stewardship of the universitys endowment starting August 15. 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. She is also a council member at the Maine Coast Heritage Trust and a financial advisory committee member at the American Institute for Conservation. Erim began his current role at the RGA as Chief Financial Officer in August 2017. The chief investment officer (CIO) usually oversees . News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management 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. Harvards CIO-of-record in FY2017 was Narv Narvekar. Middlebury Institute of International Studies at Monterey The Investment Committee has oversight responsibility for the . Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. 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. But he was only hired in late 2016, and he had no pay for that position in CY2015. 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. Some things might look and act a little weird. 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. And items in the other column are not always explicable. In our chart below, we can only offer the bare numbers. The Foundation and Endowment Intelligence article, citing an unnamed source, said that the College "plans to relocate the investment staffsometime in the next few months." Retained Executive Search Senior Vice President and Chief Investment Officer. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. Everett, Massachusetts, United States. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. ), officer during the War of 1812 from the University of New Hampshire. 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 . She worked as a senior associate at the Yale investments office, according to her biography on the website for theNational Womens History Museum, where Volent serves as a board member. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. Manager Selection February 23, 2023. His new employer gave him a $1.8 million mortgage loan at (presumably) a very nice interest rate. Kathy Weiler oversees market strategy, product development, brand management . Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. 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. 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. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. The endowment grew to $1.8 billion in assets under management over the course of her tenure. She did it because of her love for Bowdoin. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Prior to moving into the financial sector, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. 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 . But they may get significant other items to round up their total. 2 Andrews Road. The most obvious one here is Paula Volent at Bowdoin College. 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. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . 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 of Campus Planning and. [Our commitment to equal access] is something thats deep in our values, but its also something thats possible because of two things: one, the generosity of our alumni and our parents, and two, Paulas amazing track record. Office of the President. Work at the Investment Office centers on selecting and monitoring investment . 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. She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. 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. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . "It has been a great honor to oversee Bowdoin's endowment," said Volent. In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. New York Law Journal. 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. "The College's endowment is invested across a range of asset classes in global markets. Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. The New York office will ostensibly aid Volent's management of the endowment in several ways. WE'RE NOT ALONG: The investment office now has a satellite office in NYC. 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. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. 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. 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 Investment Associate will participate in Investment Committee meetings and may have an opportunity to formally present in a group setting. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. This content is from: I look forward to working with Niles over the next four months to facilitate a smooth leadership transition.. 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. 3.3.2023. 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. 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. www.charlesskorina.com, THE SKORINA LETTER:Sign-up (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.). $1,200,798. The hitch is the long time-lag more than two years before the data is publicly available. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). Back Submit. A recent and noisy case in point arose in Michigan. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. In calendar year 2009the . It has been a great honor to oversee Bowdoins endowment, said Volent. Bowdoin College. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. Over the course of Volents tenure, the endowment has grown from just over $465 million in the summer of 2000 to $1.8 billion as of June 30, 2020, according to Bowdoins announcement. This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies. 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. 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. All rights reserved. Chief Marketing Officer at Blue Cross Blue Shield of Massachusetts. Investment Officer - Sourcing and structured investments in Albania . 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. Most of that consisted of a $13.6 million bonus. He holds degrees from Bowdoin College, University of St. Andrews, and University of Connecticut School of Law. 207-786-6103. mhussey@bates.edu. NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . 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. Search Bowdoin College Search. We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. Download pdf of bio. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. The two-year lag in comp reporting is annoying, although we get to blame the IRS. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . 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. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . Officer. 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. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. 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. In calendar year 2009the most recent for which data is availableshe was Bowdoin's highest paid employee, with a compensation package worth $772,873. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. The most obvious one here is Paula Volent at Bowdoin College. Bowdoin College has earned a 100% for the Accountability & Finance beacon. Published October 05, 2022 by Bowdoin College. 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. Chief Investment Officers are high-level executives in charge of managing their organization's investment portfolios. Charles Skorina & Co. is the exclusive search agent for this position. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . Rather, it was the Walker Art Museum that housed her first office at the CollegeVolents first career was as a distinguished art historian and conservator, and her first job out of college was in Bowdoins museum, not its treasury. What we cant do is explain how these numbers were arrived at. Printed by Penmor Lithographers, Lewiston, Maine. . 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. Its ironic that data for public colleges has sometimes been the least public. Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work. We should also mention that we used a $1 billion AUM lower bound for this list. Affiliation: Office of the President. . 1K followers 500+ connections. 29. 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. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). This is a new position with a highly rated, multi-line insurance company located in the greater Philadelphia area. Michelle Chamberlain. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. Its a really special place, and its evolved a lotthere [are] lots of new buildings and all that, but I think the whole feeling that were a community and a home is very much alive, and I treasure that. E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. Here are their stories. 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. 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.. With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. It is invested globally across a diverse range of . Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. 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. Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said.