Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. 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. 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. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. 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. In our chart below, we can only offer the bare numbers. 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. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. I have known Paula for my entire investing career and have always admired her investment judgment, passion for markets, and dedication to Bowdoin, noted Bryant. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. Senior Staff. Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. 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? It is invested globally across a diverse range of . NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. I feel like in investing, that approach has carried over. 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. Bowdoin College. After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: 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. Paula Volent, a leading investment manager who oversaw Bowdoin College's $2 billion endowment for two decades, has been named Rockefeller's next vice president and chief investment officer. from the Catholic University of America Columbus School of Law in 2015. . VICE PRESIDENT OF STUDENT AFFAIRS. 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. Orlando named chief financial officer at Bowdoin College. By RebeccaNorden-Bright • May 14, 2021. The hitch is the long time-lag more than two years before the data is publicly available. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 Its the same as with conservation[in conservation], we do tons of looking under the microscope, testing, and then you have to have the bravery to do the treatment because youre making a commitment [by doing that]. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. Corner Office. She holds a masters in business degree from the Yale School of Management. 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. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. 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. At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . 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. He then went on to earn a PhD in biology at Syracuse University in 1976 and a JD from Columbia University in 1979, where he was a Harlan Fiske Stone Scholar. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. 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." In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. She did it because of her love for Bowdoin. 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. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . Michigan State University and 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. If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. And, if NYSCRF held Williams (investment-grade) bonds, you can be sure that Ms. Williams a crack credit-analyst and bond maven in her previous jobs had the numbers to prove they were a suitable buy for her fund. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. Rockefellers endowment provides critical support for the innovative science performed in our laboratories, studies that have set the pace for progress in biomedicine since the institutions founding in 1901. Compensation is a delicate issue; but recruiters need to keep track of it. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. If you have a good one (and Mr. Lundberg is very good), theres always anxiety that someone with deeper pockets will whisk him or her away. I look forward to working with Niles over the next four months to facilitate a smooth leadership transition.. . 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. Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. 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. It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. Some things might look and act a little weird. She will join the . As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. DeGraff earned her master's and doctorate . 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. Vice President of Campus Planning and. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. 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. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. 6080 N. Sabino Shadow Lane Without that, wed be in a very different place now with regards to access.. But, we feel no such constraint. 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 . 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. Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. Bowdoin College names new CIO. 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. Bowdoin also offers internships to students every summer in the Brunswick investment office; it is not known whether these internships will be available in New York. Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. Michael S. Hussey. Bowdoin College - Mid-career pay: $135,900 . 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. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. Bryant will succeed Paula Volent, who announced in February that she intends to step down . However, Volents path to Brunswick wasnt through finance at all. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. But in big-time academia, CEO pay often trails the CIO and probably the football and basketball coaches as well. April 16, 2021. 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. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. She will assume stewardship of the universitys endowment starting August 15. Search Bowdoin College Search. Is Yales Endowment the New Tiger Management? Copyright 20042023 The Rockefeller University. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. 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. Work at the Investment Office centers on selecting and monitoring investment . Paula Volent '97 will be the next chief investment officer of Rockefeller University, with responsibility for managing its $2.5 billion endowment, the New York City research university announced. Report this profile Report Report. 29. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . 30. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. Work. Bowdoin's investment team is collaborative, research oriented, and performance driven. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! You are strongly encouraged to use a real name or identifier ("Class of '92"). 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 /. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. "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.". Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . Although the gross number had become public, the Detroit Free Press still sued the University to obtain details about how it was calculated. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. If you have a friend or colleague who might be suitable, please spread the word. 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. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. 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. Volent flies frequently to meet with investment mangers across the country, so a New York location should make traveling easier for her. President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. (Compensation as of calendar year-end 2015. 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. Search Bowdoin College Search. Kathy Weiler oversees market strategy, product development, brand management . Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. 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. If youre interested, send me your resume. Her portfolio even . 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 . 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. Before submitting a comment, please review our comment policy. 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. Printed by Penmor Lithographers, Lewiston, Maine. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. Maintaining an office in the country's financial capital will allow Volent to hire and retain top investment associates. And, we see no reason why we shouldnt share some of that bounty with our readers. BOWDOIN COLLEGE 5400 COLLEGE . This is a new position with a highly rated, multi-line insurance company located in the greater Philadelphia area. . New York Law Journal. 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. [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. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. Financial services and technology are . "The College's endowment is invested across a range of asset classes in global markets. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. 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. Chief Investment Officer at Bowdoin College New York, New York, United States. 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. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). www.charlesskorina.com, THE SKORINA LETTER:Sign-up 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. Its my home. Location. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . CIO editor Christine Giordano said, "We were very impressed by all that she has been able to accomplish in such a short amount of time.". Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. Everett, Massachusetts, United States. Most of that consisted of a $13.6 million bonus. Join our social media network for updates from our campus and our labs. Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. Mills previously served as the deputy presiding partner of Debevoise . 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. Chief Marketing Officer at Blue Cross Blue Shield of Massachusetts. Volent has not yet revealed her post-Bowdoin plans other than to say that she will be taking on new challenges. She leaves her post after overseeing the endowments growth from just over $465 million during the summer of 2000 to $1.8 billion as of the end of June. As a member of Bowdoins senior leadership team, Bryant will report to Rose. The directory includes famous graduates and former students along with research and academic staff. 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. chief investment officers - and the global investment community within which we work as executive search professionals. EDUCATION: Brandeis University, Bowdoin College. 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. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. 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. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. 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. E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. Office of the President. 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. 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. Rockefeller's endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly 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. Michael Cato Senior Vice President and Chief Information Officer. You've seen his Stanford commencement speech, of course. 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.. Sharon K. Basso. He previously was director of real assets for the Gordon and Betty Moore Foundation for nearly 12 years, and before that was associate director of investments at the Carnegie Corporation of New York for over four years. And, even when public-school CIO comp is published, it cant always be trusted. Company Website. 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 . 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 speech was well-received, and the school year proceeded. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. Its all possible thanks to funding secured by the McKeen Center and the Office of Career Exploration and Development. 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. Bryants appointment is effective July 1, 2021. (See our complete compensation chart just below.). BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. Lane Hall, Room 214C. Bloomberg. CHIEF INVESTMENT OFFICER IS OPTIMIZED FOR.
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