It is invested globally across a diverse range of . We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . Culture, This content is from: It has been a great honor to oversee Bowdoins endowment, said Volent. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. EDUCATION: Brandeis University, Bowdoin College. VICE PRESIDENT OF STUDENT AFFAIRS. 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. . Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. But its been like pulling teeth in many places. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Published October 05, 2022 by Bowdoin College. Investment Officer - Sourcing and structured investments in Albania . April 16, 2021. . It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. 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 Colleges $1.8 billion (as of June 30, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. 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.. 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. 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.. The endowment grew to $1.8 billion in assets under management over the course of her tenure. Some things might look and act a little weird. 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. Its ironic that data for public colleges has sometimes been the least public. In the corporate world, the CEO almost always commands the big bucks. He graduated from Purdue University with a B.A. Michael S. Hussey. Executives Listed on Filing. Some key points from the policy: Go to content, skip over visible header bar, Orient article offers singular, alarming interpretation, President Rose, College community react to revealed Epstein ties with former trustee Jes Staley '79 P'11, Owner of At Last Spa promotes personal health and wellness practices, Graffiti at Bates being investigated as possible hate crime; Bowdoin students write letter in solidarity with protestors, Mckesson 07 H21 debuts fireside chats as first of this years honorary degree recipients, Shift in off-campus study policy now allows more students to go abroad for the fall, Professor of Government Chryl Laird to leave Bowdoin for University of Maryland. Im sure I speak for my colleagues on the Board and in University leadership when I say how thrilled we are to be able to look forward to a continuation of the highest caliber of leadership with Paula Volent at the helm in the Universitys investment office., I have known Paula for almost twenty years, both professionally and personally, and I am deeply gratified that she will be coming to Rockefeller, says Scott Bessent, chair of the Investment Committee of the Board of Trustees. 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. DeGraff earned her master's and doctorate . NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. Prior issues can be found in archives on our website, Charles Skorina & Company For all of those things that we understand to be the liberal arts and the power of it, shes demonstrated that you can have success in one area and then have the capabilities, the skills, the underlying education to be able to pivot and then have success in another.. You've seen his Stanford commencement speech, of course. Sheri B. Bronstein '90, Ridgewood, New Jersey, Chief Human Resources Officer, Bank of America (2023), Visiting Committee on Environmental Studies Ryan Connolly '07, Wellesley Hills, MA, First Vice President and Private Wealth Advisor, Morgan Stanley PWM (2026) Charles T. Diamond '12, New York, New York, Deputy Chief of Staff, City of New York, Mayor's Office of Contract Services (2026 . "If you use your conservation skills on . 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. 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. Were convoluted, but were consistent. Michigan State University and She worked as a senior associate at the Yale investments office, according to her biography on the website for theNational Womens History Museum, where Volent serves as a board member. The most obvious one here is Paula Volent at Bowdoin College. 6.0. . Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. 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. 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. 5700 College Station (207) . Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. The chief investment officer (CIO) usually oversees . Nevertheless, the losses didn't make a dent in last . 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. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. 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. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. No Reproduction Without Prior Authorizations. 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. Mike Hussey joined Bates in 2012 and oversees or supports a variety of institutional projects on behalf of the President. Sharon K. Basso. 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. Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. June 07, 2018. "It has been a great honor to oversee Bowdoin's endowment," said Volent. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. Mr. Skorina also publishes THE SKORINA LETTER, a widely-read professional publication providing news, research and analysis on institutional asset managers and tax-exempt funds. Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. 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. 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. 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. An example is Douglas Phillips at University of Rochester. 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). 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. and Secretary to the Board of Trustees. Capital Projects, and Special Counsel. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. All funds are managed according to the policies established by the Board of the Purdue Research Foundation under the direction of the Investment Committee. CIO compensation is primarily a function of AUM. Kathy Weiler oversees market strategy, product development, brand management . Nearly half of the endowment is permanently restricted by donors to the support of student financial aid. Then, at the end of July, the publicly-listed Williams Companies (NYSE: WMB) announced her appointment to their board. Skorina seeks CIO for $1.5 Billion portfolio. EIN: 01-0215213; Classification Undergraduate College (4-year) . Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. 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. 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. Michael Cato Senior Vice President and Chief Information Officer. . 5 free lookups per month. 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. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. [II Deep Dive:The Endowment Location Conundrum]. Matthew G. Bibbens '92. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. Bowdoin College. She intimated to us that she was considering a board position, but that she hadnt yet pulled the trigger. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. But the incentive formula is usually confidential. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. He will oversee the management of the Brunswick, Maine, college's $1 . Financial services and technology are . Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . 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." Most recently, he served on the investments team as director of real assets at the Gordon and Betty Moore Foundation, a Bay Area private foundation with an $8 billion endowment. Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. 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 . In calendar year 2009the most recent for which data is availableshe was Bowdoin's highest paid employee, with a compensation package worth $772,873. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. <br><br>After graduating from Bowdoin College in 1992 with degrees in both Economics and Spanish, he began his . See the metrics below for more information. Bowdoin's investment team is collaborative, research oriented, and performance driven. 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. The Investment Associate will participate in Investment Committee meetings and may have an opportunity to formally present in a group setting. Report this profile Report Report. Lane Hall, Room 214C. 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. And we need to give our thanks for that too., By NoahSaperstein • November 11, 2022, By MargaretBoyle • November 16, 2018, By MinaZanganeh and JulianaVandermark • 8 days ago. 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? 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. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. Always free. Each issue explores how the worlds most accomplished asset managers think and invest. But, in an upcoming supplement to this letter, well look at recent historical trends in CIO pay, and will even daringly attempt to extrapolate what current (calendar 2018) pay may be for some of these CIOs based on that trendline. 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. Chief Investment Officer Bowdoin College Jul 2021 . Endowments Should Abandon Alts for Passive Investments, Report Says. Bowdoin College names new CIO. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. During the fiscal year, the endowment provided $81 million to the annual operations of the College, and because the actual cost of educating a student at Bowdoin is approximately $114,000, the endowment subsidizes every student, not just those receiving aid. 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. The Investment Committee has oversight responsibility for the . 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. If you have a friend or colleague who might be suitable, please spread the word. 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. from the University of New Hampshire. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. Chief Investment Officer at Bowdoin College New York, New York, United States. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. 3.3.2023. But over 5 years Bowdoin beat him by 170 basis points! 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. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. So many interesting people in finance have art history degrees or literature degrees, [that sort of background in] the liberal arts., Shes a wonderful example of what the liberal arts is all about and the power of the liberal arts, Rose said. Niles has over 20 years of experience in the investment industry. (See our complete compensation chart just below.). Net Assets. 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. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Senior Vice President and Chief Investment Officer. 6080 N. Sabino Shadow Lane (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . 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. 1K followers 500+ connections. 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. The hitch is the long time-lag more than two years before the data is publicly available. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. 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. The College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. A Bird's-Eye View of Fall Color on Campus. Starting right in the middle of the dot-com bubble, Volents first task was damage control; she managed to hold losses to just $15 million of the endowments $465 million valuation when she first came on board. (The smaller TAM Foundation is managed separately.). Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. Bowdoin College. The latest discoveries delivered straight to your inbox. All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management 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. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. As the Lundberg case confirmed, these pay packages are complex. Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. Work. The latest science discoveries delivered monthly to your inbox. Led by Chief Investment Officer Mauricia Geissler and operating under the guidance of Amherst's Investment Committee, the Amherst College Investment Office is . WE'RE NOT ALONG: The investment office now has a satellite office in NYC. Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. She will assume stewardship of the university's endowment starting August 15. 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. 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 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. 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. 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. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. 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. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . Always high-quality. Niles then worked as an Associate at Dewey & LeBoeuf LLP from 2000 to 2001.
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