June 07, 2018. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Volent will succeed Amy Falls, Rockefellers current vice president and chief investment officer, who was named vice president and chief investment officer for Northwestern University in February. BOWDOIN COLLEGE 5400 COLLEGE . Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. 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.". All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. 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. He will begin work in mid-September, following his relocation from New York City. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. There's not much that hasn't been long since said. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. 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. The endowment grew to $1.8 billion in assets under management over the course of her tenure. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. 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 . 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. 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. Smith, who has served as the university's co-chief investment officer ad interim since March 2020, was chosen following an extensive national search. Matthew P. Orlando of Brunswick has been promoted to the position of senior vice president for finance and administration at Bowdoin . Anne Dinneen, Hamilton's Chief Investment Officer, received Chief Investment Officer (CIO) magazine's Innovation Award for endowment management on Dec. 14 at a gala at the New York City Public Library. Bowdoin College's endowment return of 14.4 percent -- the best among schools so far this year -- was fueled by a portfolio built around top-performing private equity and hedge funds, said . "The College's endowment is invested across a range of asset classes in global markets. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. . Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work. - Conducted research . In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. A strong background in fixed income/credit is necessary. Volent didnt make her first investment until ten months into her new job, spending close to a year getting familiar with Bowdoins risk profile, the members of the Colleges investments committee and the money managers she would be working with in the future. $1,249,740. By RebeccaNorden-Bright • May 14, 2021. He received a big payout classified as other in calendar 2015. Tucson, AZ 85750 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. 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. Bowdoin College - Mid-career pay: $135,900 . Indeed, Volents first introduction to business and investing didnt come until she was well into her art career. CIO compensation is primarily a function of AUM. 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.. 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. Niles has over 20 years of experience in the investment industry. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. 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. Illuminating the evolution of social parasite ants, Emil C. Gotschlich, creator of lifesaving vaccines, has died, Homing in on the genetics of severe COVID in children. But there are exceptions. Company Website. It has been a great honor to oversee Bowdoins endowment, said Volent. Early life and education. She will join the . President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. In the corporate world, the CEO almost always commands the big bucks. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. The most obvious one here is Paula Volent at Bowdoin College. 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. Vice President of Campus Planning and. It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. Financial services and technology are . Net Assets. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. A Bird's-Eye View of Fall Color on Campus. 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. We'll never use your email for anything other than this newsletter. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. Bowdoin College. April 16, 2021. Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. Mike Hussey joined Bates in 2012 and oversees or supports a variety of institutional projects on behalf of the President. Paul Rucci. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. "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.". 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. I love the College and its mission, and I am proud to have been able to contribute to Bowdoins position as one of our countrys great liberal arts colleges. Maintaining an office in the country's financial capital will allow Volent to hire and retain top investment associates. 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. 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.. Chief Marketing Officer at Blue Cross Blue Shield of Massachusetts. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. Copyright 2023 Asset International, Inc. All Rights Reserved. Middlebury Institute of International Studies at Monterey If you have a friend or colleague who might be suitable, please spread the word. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. Michelle Chamberlain. And, we see no reason why we shouldnt share some of that bounty with our readers. In a very few cases we estimated comp based on our industry knowledge, rather than omitting a major school. Although the gross number had become public, the Detroit Free Press still sued the University to obtain details about how it was calculated. At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. 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. Bowdoin College names new CIO. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 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. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. Read Bio Covid-19 Response Team. Niless exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula in this work that is vital for the College and especially for the students and families supported through our endowment returns, said Bowdoin President Clayton S. Rose. All asset classes are invested through a selection of external investment managers or through market indices. 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. . Mills previously served as the deputy presiding partner of Debevoise . 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. Work at the Investment Office centers on selecting and monitoring investment . Some things might look and act a little weird. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . Bryant will succeed Paula Volent, who announced in February that she intends to step down . Barry Mills is the former president of Bowdoin College, a position he held for 14 years before retiring in 2015, and the former interim chancellor of the University of Massachusetts Boston, where he was credited with stabilizing the university's financial position. 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. VICE PRESIDENT FOR ACADEMIC AFFAIRS. A search committee has been formed to identify the sixteenth president of Bowdoin College. 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.. A member of the company's Senior Leadership Team, he leads the Finance and Risk function responsible for the company's financial management and planning, budgeting, actuarial, investment risk and operations, enterprise risk management and resiliency. Skorina seeks CIO for $1.5 Billion portfolio. "Many of these managers have offices in New York or make frequent visits to the city, and most members of the College's Investment Committee are based in New York.". Senior Staff. Bowdoin College. 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. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. A little background: Mills, who has a fondness for telling golf stories, described in his address an interaction which occurred during a golf match this summer. 5 free lookups per month. The Bowdoin endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . Bloomberg. 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. And items in the other column are not always explicable. 6080 N. Sabino Shadow Lane Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. 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. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. 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. Aerial views of campus with pops of brilliant fall color, thanks to local drone photographer Glenn Michaels. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. The Office of Investments manages the combined Purdue Investment Pool (PIP) and the Purdue Investment Pool Cash (PIPC). She will assume stewardship of the university's endowment starting August 15. Erim began his current role at the RGA as Chief Financial Officer in August 2017. Vice President for Institutional Affairs. Finally, Volents path led her back to Bowdoinbut this time in the treasury rather than the art museum, where she has been ever since. This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies. The team reports to the Chief Investment Officer, President of the College, and Bowdoin's Investment Committee. These are the employers against which the university competes for talent recruitment and retention.. I continued to work at the investments office, and when I graduated, I was a good writer, and he asked me to stay on and help him write his book, Pioneering Portfolio Management, and work as a senior associate there working on all different asset classes.. It is invested globally across a diverse range of . Were convoluted, but were consistent. "Investment does not occur here at Williamstown," Chilton told The Record, "and so we need to have an office at a financial capital, which in this case is Boston.". 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. chief investment officers - and the global investment community within which we work as executive search professionals. (Compensation as of calendar year-end 2015. Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. In the overarching sense, however, Volents career trajectory will always be of special relevance to Bowdoin. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. This content is from: Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. Zorina Khan on the Role of Prizes in Driving Innovation, Professor of Economics Zorina Khan shares her expertise and insights into the realms of economic history and technological progress with. Before submitting a comment, please review our comment policy. The New York office will ostensibly aid Volent's management of the endowment in several ways. 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 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. Of the total endowment distribution in 20212022, approximately $38 million supported financial aid, accounting for approximately three quarters of Bowdoins $51 million financial aid budget. Executives Listed on Filing. Im sure I speak for my colleagues on the Board and in University leadership when I say how thrilled we are to be able to look forward to a continuation of the highest caliber of leadership with Paula Volent at the helm in the Universitys investment office., I have known Paula for almost twenty years, both professionally and personally, and I am deeply gratified that she will be coming to Rockefeller, says Scott Bessent, chair of the Investment Committee of the Board of Trustees. Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. Chief. See the metrics below for more information. Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. 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. Chief Investment Officer Bowdoin College Jul 2021 . Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. More From Investment Office. 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.. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. Chief Investment Officers Institutional Asset Managers As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. $1,200,798. His new employer gave him a $1.8 million mortgage loan at (presumably) a very nice interest rate. 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. 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. 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. Fortress Investment Group . 29. NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. For example, because we are CIO-centric rather than school-centric, we report AUM for UTIMCO endowments as a whole and dont distinguish between U. of Texas and Texas A&M since the endowments are mostly handled as a single pool under a single CIO who earns a single paycheck. 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. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. 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. 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 . Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. (See our complete compensation chart just below.). She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. 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.
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