bowdoin college chief investment officer
It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. The Investment Committee has oversight responsibility for the . Investment . The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . Ernst & Young Systems and process consulting 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 team reports to the Chief Investment Officer, President of the College, and Bowdoin's Investment Committee. The chief investment officer (CIO) usually oversees . US Army Russian Linguist, Japan The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. The Bates Leftist Coalition (BLC) shared pictures of the graffitied phrases, Free Palestine, Stop Ethnic Cleansing, Israel is killing innocent people and [expletive] Zionist Israel. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. Bowdoin has established a second investment office in New York City, College officials confirmed this week. Bowdoin College - Mid-career pay: $135,900 . 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. Ms. Fuller, prudently, chose not to dignify these charges with any public comment. 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. Volent also cited proximity to fund managers as a primary reason for the new office. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . 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. Vice President of Campus Planning and. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. 6.0. . Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. WALDOBORO Jean Meredith (Bordo) Lawrence, 83, of Waldoboro, passed away peacefully on Monday, February 27, 2023. 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. 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. 5700 College Station (207) . BOWDOIN COLLEGE 5400 COLLEGE . In 2015 Paula Volent, Bowdoin College's chief investment officer, managed a hefty 14.4% return on the Maine liberal arts college's then- $1.4 billion endowment. Without that, wed be in a very different place now with regards to access.. The latest discoveries delivered straight to your inbox. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. Michelle Chamberlain. 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. Back Submit. Chief Investment Officer Brown University . Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. The latest science discoveries delivered monthly to your inbox. At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. 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. But he was only hired in late 2016, and he had no pay for that position in CY2015. (See our complete compensation chart just below.). 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. 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. Middlebury Institute of International Studies at Monterey On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. Bowdoin College Apr 2012 - Nov 2013 1 year 8 months. We'll never use your email for anything other than this newsletter. Copyright 20042023 The Rockefeller University. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. EIN: 01-0215213; Classification Undergraduate College (4-year) . 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. As the Lundberg case confirmed, these pay packages are complex. 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. 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. The directory includes famous graduates and former students along with research and academic staff. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. 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. Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. 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. 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. A statement sent to the Orient did not disclose the date of the opening, though a February 22 article published on the website of Foundation and Endowment Intelligence suggests that it occurred earlier this year. These are the employers against which the university competes for talent recruitment and retention.. Jean's life was one of great love and devotion for her husband, David, with whom she was . 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." 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. Kathy Weiler oversees market strategy, product development, brand management . 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. You seem to be browsing on a screen size, browser, or device that this website cannot support. in 2008 and earned his J.D. We should also mention that we used a $1 billion AUM lower bound for this list. 5 free lookups per month. Rockefeller University has appointed Paula Volent vice president and chief investment officer to oversee its $2.5 billion endowment. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. Harvards CIO-of-record in FY2017 was Narv Narvekar. 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. Manager Selection February 23, 2023. Bowdoin College. COVID-19 Testing and Response Team Specialist. from New York Universitys Institute of Fine Arts, and a B.A. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Capital Projects, and Special Counsel. Bowdoin College. The endowment grew to $1.8 billion in assets under management over the course of her tenure. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. A recent and noisy case in point arose in Michigan. 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. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . 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. She will assume stewardship of the universitys endowment starting August 15. A Bird's-Eye View of Fall Color on Campus. 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 . Chief Investment Officers vs. University Presidents. Liked by Aiden MacNeil In the overarching sense, however, Volents career trajectory will always be of special relevance to Bowdoin. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Most of that consisted of a $13.6 million bonus. Financial services and technology are . In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . 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. Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. The Investment Office team and the Institute's Board of Trustee Investment Committee's goal is to provide increased support for the Institute's academic and research programs . $10.7. Net Assets. 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." Senior Staff. 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 March 2021, Paula Volent is about to step down as the CIO of the endowment of Bowdoin College after twenty-one years, and is preparing to meet with her successor, Niels Bryant, to plan for the . In the latest issue of the Claremont Review of Books, President Barry Mills receives something of a tongue lashing for his September convocation address dealing with intellectual diversity at the College. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. Erim began his current role at the RGA as Chief Financial Officer in August 2017. In calendar year 2009the . Volent will join the biomedical research institution this summer from Bowdoin College, where she led the $2 billion endowment for the past two decades. The average grant for all aided studentsfunds that do not have to be paid backis approximately $56,000 a year. Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. Niles has over 20 years of experience in the investment industry. The two-year lag in comp reporting is annoying, although we get to blame the IRS. Kathleen E. Jacobs , Chief Investment Officer Skip Sidebar. We doubt if anyone is going to top it. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . $1,249,740. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. 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. 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. E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. The speech was well-received, and the school year proceeded. Indeed, Volents first introduction to business and investing didnt come until she was well into her art career. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. 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. I said, No, Im an artist, of course not!. 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.. Beth Kowitt 07 Wins New York Press Club Award. . 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. 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. 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. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. 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. Is Yales Endowment the New Tiger Management? In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. I think that I am a better investor for my background in the liberal arts, Volent said. Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. 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. VICE PRESIDENT OF STUDENT AFFAIRS. Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . You are strongly encouraged to use a real name or identifier ("Class of '92"). An example is Douglas Phillips at University of Rochester. Ammon, Peter H. U of Pennsylvania. 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. 2 Andrews Road. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. If you have a friend or colleague who might be suitable, please spread the word. 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. Catch up on the latest reports, stories and opinions about Bowdoin and Brunswick in your inbox. Thats about standard for a company of this size in this industry. She will assume stewardship of the university's endowment starting August 15. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. Location. 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. 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. 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. 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 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. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. skorina@charlesskorina.com Here are their stories. If you're happy with cookies click proceed. Mike Hussey joined Bates in 2012 and oversees or supports a variety of institutional projects on behalf of the President. Bowdoin College names new CIO. 520-529-5677 $10.5. Always free. 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. 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. 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.. Nearly half of the endowment is permanently restricted by donors to the support of student financial aid. In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. She intimated to us that she was considering a board position, but that she hadnt yet pulled the trigger. 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. She succeeds Amy Falls, who is leaving the post this spring . Everett, Massachusetts, United States. Base salaries for presidents and CIOs at major schools may not be very different, but the big performance bonuses paid to the CIO can leave him or her making two or three times the presidents total. Its ironic that data for public colleges has sometimes been the least public. Washington, District of Columbia, United States. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. It is not clear if this factor influenced the decision. The most obvious one here is Paula Volent at Bowdoin College. Compensation is a delicate issue; but recruiters need to keep track of it. His typical pay is less than half the total shown for CY2015. Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . 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 . 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. Corner Office. 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. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. Investment Officer - Sourcing and structured investments in Albania . . Vice President for Institutional Affairs. Join our social media network for updates from our campus and our labs. 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. Copyright 2023 Asset International, Inc. All Rights Reserved. Bloomberg. 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. 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 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. Michael Cato Senior Vice President and Chief Information Officer. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. Download pdf of bio. 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. Jun 2018 - Aug 20183 months. Join to view profile . See the metrics below for more information. CHIEF INVESTMENT OFFICER IS OPTIMIZED FOR. Led by Chief Investment Officer Mauricia Geissler and operating under the guidance of Amherst's Investment Committee, the Amherst College Investment Office is . 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.. Patricia Ribeiro Promoted to Co-CIO of Global Growth Equity at American Century Investments. Were convoluted, but were consistent. Thirty-seven years ago, on Aug. 5, 1984, Joan Benoit Samuelson won the first-ever women's Olympic marathon. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. 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. 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.". The stewardship of these resources includes the investment of the endowment and other financial . 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? 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. 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. Culture, This content is from: They generally get no performance bonus (or only a modest one). DeGraff earned her master's and doctorate . Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. Niles Bryant is the SVP and Chief Investment Officer at Bowdoin College. He almost certainly makes more. You've seen his Stanford commencement speech, of course. New York Law Journal. "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.". 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. [II Deep Dive:The Endowment Location Conundrum]. (Barker) Bordo. 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. . April 16, 2021. (Compensation as of calendar year-end 2015. Summer research assistant in the Department of Botany at the National Museum of Natural History. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. 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. 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. Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work.