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. in 2008 and earned his J.D. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. In calendar year 2009the . Data Engineer @ Recorded Future Individual Tutor @ Bowdoin College Information Technology Technician @ Bowdoin College see more 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. 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. 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." 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. Vice President for Institutional Affairs. 29. He started in April as director of investments. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. [Swensen] took me inhe had me filing at first, and over time, he got me working on projects, Volent said. Williams and Dartmouth's investment offices are based in Boston while Tulane's office is located in Darien, Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. 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 . Institutional investors operate at the crossroads of capital . Bryant will succeed Paula Volent, who announced in February that she intends to step down . 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. See the metrics below for more information. Bryant will take the helm a little more than a year after joining Bowdoins investment office. $1,200,798. 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. CIO compensation is primarily a function of AUM. 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. More From Investment Office. 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.. 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. Its all possible thanks to funding secured by the McKeen Center and the Office of Career Exploration and Development. Bowdoin's investment team is collaborative, research oriented, and performance driven. 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. 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. 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. Office of the President. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . 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. But its been like pulling teeth in many places. What is a Chief Investment Officer? The most obvious one here is Paula Volent at Bowdoin College. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. 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. She did it because of her love for Bowdoin. The latest discoveries delivered straight to your inbox. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . As a member of Bowdoins senior leadership team, Bryant will report to Rose. 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. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . 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 . . Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. The Investment Committee has oversight responsibility for the . Executives Listed on Filing. EIN: 01-0215213; Classification Undergraduate College (4-year) . Here are our top-ten highest paid endowment chief investment officers for calendar year-end 2015 compared to the pay of their respective presidents in the same period. 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.. Thats about standard for a company of this size in this industry. 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. Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. In a very few cases we estimated comp based on our industry knowledge, rather than omitting a major school. Ms. Volent, who has had the top investment position at the Brunswick, Maine-based college since the . 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. 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. (The smaller TAM Foundation is managed separately.). The stewardship of these resources includes the investment of the endowment and other financial . 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.". It was in Los Angeles that Volent got her first introduction to finance, as she took a few classes on the side to help her as she began running her own business. . It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. Its a constantly evolving spectacle and The Skorina Letter gives readers a ringside seat. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. 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. Niles is uniquely positioned for this leadership position at Bowdoin, Volent said in a statement. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. Back Submit. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. 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. Year in and year out, working with her team and the investment committee, Paula has produced consistently outstanding investment returns, outpacing virtually every other college and university endowment in the nation over the short, medium, and long term, Bowdoin College president Clayton Rose said in a statement. 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. 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. She announced in February that she would be stepping down as senior vice president and chief investment officer at the college on June 30. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. 2 Andrews Road. Were convoluted, but were consistent. We should also mention that we used a $1 billion AUM lower bound for this list. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 [II Deep Dive:The Endowment Location Conundrum]. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. Download pdf of bio. (See our complete compensation chart just below.). During her time at Bowdoin, Volent has cemented her reputation as one of the nations preeminent college investments managers, outperforming every other college endowment over that span. 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. 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.. But the incentive formula is usually confidential. Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. 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. 207-786-6103. mhussey@bates.edu. I said, No, Im an artist, of course not!. It has been a great honor to oversee Bowdoins endowment, said Volent. VICE PRESIDENT OF STUDENT AFFAIRS. And, we see no reason why we shouldnt share some of that bounty with our readers. 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 content is from: Charles Skorina & Co. is the exclusive search agent for this position. - Conducted research . "It has been a great honor to oversee Bowdoin's endowment," said Volent. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. 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. On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. Without that, wed be in a very different place now with regards to access.. www.charlesskorina.com, THE SKORINA LETTER:Sign-up 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. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. The Bowdoin endowment consists of more than 1,700 individual funds, and, as of June 30, had three-, five-, and 10-year annualized returns of 10.7%, 8.5%, and 11.6%, respectively. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Ammon, Peter H. U of Pennsylvania. 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. Chief Investment Officers Institutional Asset Managers Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. Niles has over 20 years of experience in the investment industry. Early life and education. "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.". Always high-quality. Bowdoin College names new CIO. 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. Alice A. Ruth '83 (Photo courtesy of Alice A. Ruth '83) Highly regarded and experienced investment manager Alice A. Ruth '83 has been named Dartmouth's chief investment officer, the College announced today. "The College's endowment is invested across a range of asset classes in global markets. Middlebury Institute of International Studies at Monterey Liked by Aiden MacNeil Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. Michael S. Hussey. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. 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. She will assume stewardship of the university's endowment starting August 15. 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. Read Bio . Search Bowdoin College Search. 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. Financial services and technology are . Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. Bryants appointment is effective July 1, 2021. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . 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. Nevertheless, the losses didn't make a dent in last . (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. It is not clear if this factor influenced the decision. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . $10.7. The chief investment officer (CIO) usually oversees . Chief Investment Officer Bowdoin College Jul 2021 . Im going to stay very much involved with the College when I leave.. Vice President of Campus Planning and. Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. But he was only hired in late 2016, and he had no pay for that position in CY2015. Culture, This content is from: An example is Douglas Phillips at University of Rochester. 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. 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. Chief. Associate VP and Chief Investment Officer. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. The Office of Investments manages the combined Purdue Investment Pool (PIP) and the Purdue Investment Pool Cash (PIPC). 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. But over 5 years Bowdoin beat him by 170 basis points! So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. Affiliation: Office of the President. About half the schools in the $500 million $1 billion range also have a dedicated CIO or equivalent, but they are omitted here, however well paid they may have been. In a field still dominated by men, she has been nationally recognized for her standout success. The investment portfolios for the endowments of the Massachusetts Institute of Technology and Bowdoin College lost 5.3% and 7.1%, respectively, in 2022, as volatile markets and rising rates have caused nearly every endowment to report investment losses for the fiscal year ending June 30. Endowment Index Ends Second Straight Year at Record High, Tags: Bowdoin, CIO, Clayton Rose, Endowment, K. Niles Bryant, Paula Volent, Massachusetts Pension Fund Increases Corporate Diversity Standards, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. . Volent went back for her Masters degree in art conservatorship at NYU and then went west, working at the L.A. County Museum of Art and San Franciscos Palace of Fine Arts as a paper conservator before starting her own private art conservation business outside of Los Angeles. Accordingly, we wanted to list only CIOs who were the managers-of-record for that period so that pay could be usefully compared to performance. Manager Selection February 23, 2023. New Bowdoin Podcast to Tackle Issues of Democracy. A Bird's-Eye View of Fall Color on Campus. Having that background in art history and art conservatorship and coming at the world with a broad understanding of the issues the worlds facing [is so important]. If you're happy with cookies click proceed. from the Catholic University of America Columbus School of Law in 2015. . 6080 N. Sabino Shadow Lane from New York Universitys Institute of Fine Arts, and a B.A. EDUCATION: Brandeis University, Bowdoin College. Upon graduating, he soon began working at the law firm, Debevoise . Is Yales Endowment the New Tiger Management? Volent has an M.B.A. from the Yale School of Management, an M.A. 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. (Barker) Bordo. A strong background in fixed income/credit is necessary. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. WE'RE NOT ALONG: The investment office now has a satellite office in NYC. 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. Benje Douglas Senior Vice President for Inclusion and Diversity. 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. What we cant do is explain how these numbers were arrived at. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. Officer. New York Law Journal. Some things might look and act a little weird. 5700 College Station (207) 725-3221. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. 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 Bowdoin endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. His typical pay is less than half the total shown for CY2015. Rockefeller University has appointed Paula Volent vice president and chief investment officer to oversee its $2.5 billion endowment. Curtis Leitner and Joseph Scholz discuss the use of preliminary agreements under New York law, analyzing relevant case law and explaining the implications for contracting parties. We'll never use your email for anything other than this newsletter. 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. 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. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. Rockefeller's endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly Led by Chief Investment Officer Mauricia Geissler and operating under the guidance of Amherst's Investment Committee, the Amherst College Investment Office is . Michigan State University and General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Indeed, Volents first introduction to business and investing didnt come until she was well into her art career. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management The directory includes famous graduates and former students along with research and academic staff. Copyright 2023 Asset International, Inc. All Rights Reserved. We doubt if anyone is going to top it. Bowdoin College, Brunswick, Maine. Bowdoin College is pleased to announce that in-person events will be back this fall and the College looks forward to welcoming alumni, families, and friends for some of our most popular events and activities. The portfolio is structured with a long-term time horizon, with portfolio diversification and manager selection directed toward protecting endowment capital in challenging investment environments, while growing those assets during periods of economic stability and growth. The speech was well-received, and the school year proceeded. Or, you can file a FOIA request. $10.5. Paula Volent, a leading investment manager who oversaw Bowdoin Colleges $2 billion endowment for two decades, has been named Rockefellers next vice president and chief investment officer. 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. President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. Lewiston, Maine 04240. We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. 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.

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