Location. It has been a great honor to oversee Bowdoins endowment, said Volent. who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Bowdoin has established a second investment office in New York City, College officials confirmed this week. The latest discoveries delivered straight to your inbox. Bowdoin College, Brunswick, Maine. 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.". (Barker) Bordo. The latest science discoveries delivered monthly to your inbox. Paula Volent. 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. "It is important for the College to have a continued sense of leadership," said Mills in explaining why he chose to share his intention, "and I committed to the trustees last spring that I would let them know.". Catch up on the latest reports, stories and opinions about Bowdoin and Brunswick in your inbox. Chief Investment Officers are high-level executives in charge of managing their organization's investment portfolios. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. 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. 207-786-6103. mhussey@bates.edu. (Compensation as of calendar year-end 2015. 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. (In three volumes) Volume I. 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. 5 free lookups per month. The New York office will ostensibly aid Volent's management of the endowment in several ways. 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. Office of the President. 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. Read Bio Covid-19 Response Team. An outrage outfit called (appropriately) Sludge, with some like-minded media allies, produced a hit-piece which they called New York Pension Chief Cashes in on Natural Gas. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. There's not much that hasn't been long since said. If you have a friend or colleague who might be suitable, please spread the word. A search committee has been formed to identify the sixteenth president of Bowdoin College. Michigan State University and In our chart below, we can only offer the bare numbers. Officer. And, even when public-school CIO comp is published, it cant always be trusted. 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. Its a constantly evolving spectacle and The Skorina Letter gives readers a ringside seat. Bowdoin College. 7.7. Back Submit. 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. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. 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. Associate VP and Chief Investment Officer. 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. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. A Bird's-Eye View of Fall Color on Campus. CIO compensation is primarily a function of AUM. Its my home. New Bowdoin Podcast to Tackle Issues of Democracy. Beth Kowitt 07 Wins New York Press Club Award. Most of that consisted of a $13.6 million bonus. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. The most obvious one here is Paula Volent at Bowdoin College. Here I was, an art person, Volent said. June 07, 2018. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). 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. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). 520-529-5677 Although the gross number had become public, the Detroit Free Press still sued the University to obtain details about how it was calculated. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. I feel like in investing, that approach has carried over. But the incentive formula is usually confidential. Many details about the office remain unknown: Volent did not specify where in New York City the office is located, its physical size, or if there is a possibility that it will become the College's primary office in the future. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. . 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. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. . Volent credits Swensen with helping develop her investing methodology and giving her the confidence to consider pursuing investing as a career and eventually working her way to the pinnacle of the field. In this section. 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. 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. 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. Printed by Penmor Lithographers, Lewiston, Maine. On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. We doubt if anyone is going to top it. 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." Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . When she first started in 2000, the investments office position was barely recognizable from its current incarnationin fact, it was largely a one-woman job. Middlebury Institute of International Studies at Monterey Niles has over 20 years of experience in the investment industry. Compensation is a delicate issue; but recruiters need to keep track of it. 29. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. Published October 05, 2022 by Bowdoin College. Skorina seeks CIO for $1.5 Billion portfolio. 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.. But they may get significant other items to round up their total. Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. 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 . President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. 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. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. 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. In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. 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. 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. By RebeccaNorden-Bright • May 14, 2021. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. from the Catholic University of America Columbus School of Law in 2015. . - Conducted research . 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. This is probably deferred comp which was accrued over several years and finally disbursed per his contract. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! Read Bio . Finally, Volents path led her back to Bowdoinbut this time in the treasury rather than the art museum, where she has been ever since. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. If you have a good one (and Mr. Lundberg is very good), theres always anxiety that someone with deeper pockets will whisk him or her away. You are strongly encouraged to use a real name or identifier ("Class of '92"). 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. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. All rights reserved. He started in April as director of investments. 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. Affiliation: Office of the President. www.charlesskorina.com, THE SKORINA LETTER:Sign-up They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. 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. 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. 1K followers 500+ connections. and Secretary to the Board of Trustees. 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. "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. 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. 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 . 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. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. 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.