Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Corner Office. Orlando named chief financial officer at Bowdoin College. 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? Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. The directory includes famous graduates and former students along with research and academic staff. 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. To take one example, when Jagdeep Bachher moved down from Alberta to northern California as CIO at University of California Regents he landed in a far more expensive housing market. Senior Staff. 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. The Endowment is managed by a professional investment staff within the NYU Investment Office. 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). 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. No Reproduction Without Prior Authorizations. As a member of Bowdoins senior leadership team, Bryant will report to Rose. 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. (Compensation as of calendar year-end 2015. Financial services and technology are . CIO compensation is primarily a function of AUM. 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. 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 . 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. (He was paid $4.3 million by Columbia University in that period, but that was under a different contract with a different employer with a smaller AUM, making it triply apples-to-oranges.). Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. On July 1, Paula Volent, Bowdoin's chief investments officer, will be stepping down from her position after more than two decades of service to the College. 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. Read Bio . 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. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. 207-786-6103. mhussey@bates.edu. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. Financial services and technology are . Indeed, Volents first introduction to business and investing didnt come until she was well into her art career. Chief Investment Officer at Bowdoin College New York, New York, United States. Back Submit. Can an 'Agreement to Agree' Support Expectation Damages? Chief Investment Officers vs. University Presidents. 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. Were convoluted, but were consistent. Administration. 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 College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. An example is Douglas Phillips at University of Rochester. Everett, Massachusetts, United States. WALDOBORO Jean Meredith (Bordo) Lawrence, 83, of Waldoboro, passed away peacefully on Monday, February 27, 2023. But over 5 years Bowdoin beat him by 170 basis points! Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. 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. Mills previously served as the deputy presiding partner of Debevoise . Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. 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.. Investment . Chief Investment Officer Brown University . Data Engineer @ Recorded Future Individual Tutor @ Bowdoin College Information Technology Technician @ Bowdoin College see more Niles Bryant is the SVP and Chief Investment Officer at Bowdoin College. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. Aerial views of campus with pops of brilliant fall color, thanks to local drone photographer Glenn Michaels. Matthew G. Bibbens '92. In calendar year 2009the most recent for which data is availableshe was Bowdoin's highest paid employee, with a compensation package worth $772,873. No hate speech, profanity, disrespectful or threatening comments. Nearly half of the endowment is permanently restricted by donors to the support of student financial aid. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. But there are exceptions. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. Bowdoin College - Mid-career pay: $135,900 . You seem to be browsing on a screen size, browser, or device that this website cannot support. E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. No credit card required. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). Skorina seeks CIO for $1.5 Billion portfolio. This is the Bowdoin Orient's archive site. Most of that consisted of a $13.6 million bonus. 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. 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. Upon graduating, he soon began working at the law firm, Debevoise . Jun 2018 - Aug 20183 months. New Bowdoin Podcast to Tackle Issues of Democracy. Search Bowdoin College Search. She announced in February that she would be stepping down as senior vice president and chief investment officer at the college on June 30. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. And experience with manager search and selection in opportunistic credit is highly desirable. 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. And, even when public-school CIO comp is published, it cant always be trusted. Its all possible thanks to funding secured by the McKeen Center and the Office of Career Exploration and Development. Bowdoin College - Mid-career pay: $135,900 . Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . 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. 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. 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. 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 . Matthew P. Orlando of Brunswick has been promoted to the position of senior vice president for finance and administration at Bowdoin . "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. Bryant will succeed Paula Volent, who announced in February that she intends to step down . As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. 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. Always high-quality. Here I was, an art person, Volent said. Presidential pay is structured very differently from a CIOs. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 Here are their stories. $1,981,536,000. Smith, who has served as the university's co-chief investment officer ad interim since March 2020, was chosen following an extensive national search. Michael S. Hussey. In the corporate world, the CEO almost always commands the big bucks. A Maine resident herself, Volent will remain connected to the College and the state even after she assumes her new position. 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 . Culture, This content is from: Williams is an S&P 500 company, so virtually every institutional investor on the planet has a piece of their equity. ), officer during the War of 1812 2 Andrews Road. Copyright 2023 Asset International, Inc. All Rights Reserved. Report this profile Report Report. In a field still dominated by men, she has been nationally recognized for her standout success. The Lewiston Police Department (LPD) has referred graffiti written in chalk on the campus of Bates College to the Maine attorney general, who is investigating the case as a possible hate crime. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. 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. Thirty-seven years ago, on Aug. 5, 1984, Joan Benoit Samuelson won the first-ever women's Olympic marathon. He started in April as director of investments. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. 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. Bryants appointment is effective July 1, 2021. Compensation for this key position is competitive. Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. 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. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. But its been like pulling teeth in many places. A Bird's-Eye View of Fall Color on Campus. Since the investigation was announced on Monday, members of the Bates community have responded to the news of the investigation. Company Website. The latest discoveries delivered straight to your inbox. We'll never use your email for anything other than this newsletter. Niles Bryant Senior Vice President and Chief Investment Officer. Ernst & Young Systems and process consulting In our chart below, we can only offer the bare numbers. Paula Volent was named vice president and chief investment officer of The Rockefeller University, New York, where she will oversee the management of its $2.3 billion endowment. Chief Investment Officers Institutional Asset Managers His new employer gave him a $1.8 million mortgage loan at (presumably) a very nice interest rate. The New York office will ostensibly aid Volent's management of the endowment in several ways. 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. $10.5. As the Lundberg case confirmed, these pay packages are complex. 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. Office of the President. The stewardship of these resources includes the investment of the endowment and other financial . Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. from New York Universitys Institute of Fine Arts, and a B.A. He graduated from Purdue University with a B.A. Endowments Should Abandon Alts for Passive Investments, Report Says. Prior to moving into the financial sector, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. Bowdoin has established a second investment office in New York City, College officials confirmed this week. The average Community Reinvestment Officer salary in Abbot, ME is $78,226 as of February 27, 2023, but the range typically falls between $55,781 and $98,510. 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. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. 29. Affiliation: Office of the President. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management <br><br>After graduating from Bowdoin College in 1992 with degrees in both Economics and Spanish, he began his . 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. 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. I said, No, Im an artist, of course not!. 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. . April 16, 2021. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. The speech was well-received, and the school year proceeded. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . He will begin work in mid-September, following his relocation from New York City. What is a Chief Investment Officer? He will oversee the management of the Brunswick, Maine, college's $1 . chief investment officers - and the global investment community within which we work as executive search professionals. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. 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 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. Bowdoin College. Compensation is a delicate issue; but recruiters need to keep track of it. Jean's life was one of great love and devotion for her husband, David, with whom she was . I feel like in investing, that approach has carried over. Paul Rucci. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. 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.". 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. Of the total endowment distribution in 20192020, approximately $33 million supported financial aid, accounting for approximately three-quarters of Bowdoins $45 million financial aid budget in the last fiscal year. It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. $10.7. 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. Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. 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. 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. He received a big payout classified as other in calendar 2015. 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." 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. Fortress Investment Group . Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . The most obvious one here is Paula Volent at Bowdoin College. Early life and education. 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. Chief Investment Officers are high-level executives in charge of managing their organization's investment portfolios. 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]. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . Bowdoin College. 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. Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. 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. 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. 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. It has been a great honor to oversee Bowdoins endowment, said Volent. 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. Associate VP and Chief Investment Officer. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. 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. Each issue explores how the worlds most accomplished asset managers think and invest. All asset classes are invested through a selection of external investment managers or through market indices. In the early 2000s, as Williams' endowment rose above the $1 billion mark, we knew our increasingly complex portfolio and expanding group of outside investment managers would eventually require full-time professional oversight. 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. 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. 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 Bates Leftist Coalition (BLC) shared pictures of the graffitied phrases, Free Palestine, Stop Ethnic Cleansing, Israel is killing innocent people and [expletive] Zionist Israel. But they may get significant other items to round up their total. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. If youre interested, send me your resume.