bowdoin college chief investment officer

[Swensen] took me inhe had me filing at first, and over time, he got me working on projects, Volent said. 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 strong background in fixed income/credit is necessary. 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. 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. 6080 N. Sabino Shadow Lane Sometime this past February, a self-proclaimed "doddering alum" of the Class of 1976 joined the elite club of individuals who have clicked the "Ask Us Anything" button on the Orient Express. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. Read Bio Covid-19 Response Team. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . The latest discoveries delivered straight to your inbox. Administration. 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. And items in the other column are not always explicable. The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . 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. Always free. . Join our social media network for updates from our campus and our labs. 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. Summer research assistant in the Department of Botany at the National Museum of Natural History. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. 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. The Office of Investments manages the combined Purdue Investment Pool (PIP) and the Purdue Investment Pool Cash (PIPC). Or, you can file a FOIA request. 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.". 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. (The smaller TAM Foundation is managed separately.). VICE PRESIDENT OF STUDENT AFFAIRS. Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. He received a big payout classified as other in calendar 2015. 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. Niles has over 20 years of experience in the investment industry. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. Sharon K. Basso. 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. You are strongly encouraged to use a real name or identifier ("Class of '92"). 3.3.2023. 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. 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. Read Bio . Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). Im going to stay very much involved with the College when I leave.. 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. 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. Endowment. I feel like in investing, that approach has carried over. chief investment officers - and the global investment community within which we work as executive search professionals. Volent brings extensive experience from her two decades at Bowdoin and her previous role as a research analyst and senior associate in the Yale University investment office from 1996 to 2000. Since the investigation was announced on Monday, members of the Bates community have responded to the news of the investigation. The speech was well-received, and the school year proceeded. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. In a very few cases we estimated comp based on our industry knowledge, rather than omitting a major school. 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. June 07, 2018. More From Investment Office. "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.". Bowdoin College's long-time chief investment officer Paula Volent is stepping down. Chief. 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. And, even when public-school CIO comp is published, it cant always be trusted. 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. $1,249,740. Michigan State University and Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Search Bowdoin College Search. 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. No credit card required. Bowdoin College, Brunswick, Maine. Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work. A Bird's-Eye View of Fall Color on Campus. Financial services and technology are . Bowdoin has established a second investment office in New York City, College officials confirmed this week. Jun 2018 - Aug 20183 months. 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. 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. 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. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. 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? And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. 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." What we cant do is explain how these numbers were arrived at. As of June 30, the endowment had returned 10.7 percent over the last three years, 8.5 percent over five years, and 11.6 percent over ten years, according to an Octoberannouncement from the college. Some things might look and act a little weird. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. 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. The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. 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. 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]. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. 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. 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. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. 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. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. Work at the Investment Office centers on selecting and monitoring investment . 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. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. 5 free lookups per month. Orlando named chief financial officer at Bowdoin College. We should also mention that we used a $1 billion AUM lower bound for this list. 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. He will oversee the management of the Brunswick, Maine, college's $1 . Investment . 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. Patricia Ribeiro Promoted to Co-CIO of Global Growth Equity at American Century Investments. Financial services and technology are . Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? Paula is unquestionably one of the most accomplished investment officers in the country, and we are thrilled that she has agreed to join us in this vital role, says Richard P. Lifton, Rockefellers president. All asset classes are invested through a selection of external investment managers or through market indices. Volent has an M.B.A. from the Yale School of Management, an M.A. Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. Bryants appointment is effective July 1, 2021. Net Assets. As a member of the Bowdoin Museum of Arts advisory board and an emeritus senior vice president, Volent will maintain the relationship with the College that she has remained committed to for over two decades. 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]. 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. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . But the incentive formula is usually confidential. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . But, we feel no such constraint. CHARLES A. SKORINA & COMPANY works with leaders of Endowments, Foundations, and Institutional Asset Managers to recruit Board Members, Executives Officers, Chief Investment Officers and Fund Managers. 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. It is not clear if this factor influenced the decision. 5700 College Station (207) . Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. 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. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. These are the employers against which the university competes for talent recruitment and retention.. 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. Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. 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. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. 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. All rights reserved. The stewardship of these resources includes the investment of the endowment and other financial . 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.. Were convoluted, but were consistent. He will begin work in mid-September, following his relocation from New York City. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. 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 then worked as an Associate at Dewey & LeBoeuf LLP from 2000 to 2001. But there are exceptions. 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. She is also a council member at the Maine Coast Heritage Trust and a financial advisory committee member at the American Institute for Conservation. 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. 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. Lane Hall, Room 214C. Compensation for this key position is competitive. In our chart below, we can only offer the bare numbers. Paula Volent. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. 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. Copyright 2023 Asset International, Inc. All Rights Reserved. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. . Its my home. 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. Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. He is a graduate of the University of Michigan, where he earned his undergraduate degree magna cum laude in classical archaeology, and where he was also elected to Phi Beta Kappa. Bowdoin College - Mid-career pay: $135,900 . But he was only hired in late 2016, and he had no pay for that position in CY2015. Compensation is a delicate issue; but recruiters need to keep track of it. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. Before submitting a comment, please review our comment policy. BOWDOIN COLLEGE 5400 COLLEGE . 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. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. It is invested globally across a diverse range of . Beth Kowitt 07 Wins New York Press Club Award. Skorina seeks CIO for $1.5 Billion portfolio. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . Bryant joined Bowdoins investment office in April 2020 as director of investments, following sixteen years as an investment professional and earlier as an attorney specializing in capital markets and mergers and acquisitions. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. 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 direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. 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.. Paul Rucci. Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. If you have a friend or colleague who might be suitable, please spread the word. Bowdoin College has earned a 100% for the Accountability & Finance beacon. ), officer during the War of 1812 Niles exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula, Bowdoin President Clayton Rose said in a statement. VICE PRESIDENT FOR ACADEMIC AFFAIRS. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. . 6.0. . The Bowdoin endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. Bowdoin has established a second investment office in New York City, College officials confirmed this week. In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. You've seen his Stanford commencement speech, of course. Associate VP and Chief Investment Officer. from New York Universitys Institute of Fine Arts, and a B.A. Thats about standard for a company of this size in this industry. in 2008 and earned his J.D. The directory includes famous graduates and former students along with research and academic staff. $10.5. She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. Williams is an S&P 500 company, so virtually every institutional investor on the planet has a piece of their equity. Michael Cato Senior Vice President and Chief Information Officer. 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.. She did it because of her love for Bowdoin. For the record, the CIO back in CY2015 was Stephen Blyth who had total comp of $14.8 million (it was both his first and last year). Presidential pay is structured very differently from a CIOs. 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. Smith, who has served as the university's co-chief investment officer ad interim since March 2020, was chosen following an extensive national search. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . 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. We wanted this chart to be a book-end to our reporting of investment performance for FY2017. 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. 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. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . 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. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. The chief investment officer (CIO) usually oversees . Chief Investment Officer Bowdoin College Jul 2021 . Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . There are other explanatory factors: relative performance, geography, private vs. public, and even prestige of the school, but they are usually swamped by the size of the fund. And, we see no reason why we shouldnt share some of that bounty with our readers. The school announced Thursday that Volent, who had served as the endowments investment chief since 2000, will leave on June 30, 2021, at the end of the academic year. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. Join to view profile . Washington, District of Columbia, United States. 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. "If you use your conservation skills on . 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. 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..

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