The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. 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, chief investment officer at Bowdoin College, will step down June 30. 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. 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. She did it because of her love for Bowdoin. Office of the President. "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.". Associate VP and Chief Investment Officer. New York Law Journal. His new employer gave him a $1.8 million mortgage loan at (presumably) a very nice interest rate. 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.. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Endowment. On July 1, Paula Volent, Bowdoins chief investments officer, will be stepping down from her position after more than two decades of service to the College. 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. 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 . Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. 207-786-6103. mhussey@bates.edu. Because there are very few public universities in our endowment peer group, virtually no comparison [sic] schools will ever have to make their plans public. 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. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. 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. About; Bookstore; Campus Map; Colby Magazine; Dare Northward; Dining . Led by Chief Investment Officer Mauricia Geissler and operating under the guidance of Amherst's Investment Committee, the Amherst College Investment Office is . Chief Marketing Officer at Blue Cross Blue Shield of Massachusetts. VICE PRESIDENT FOR ACADEMIC AFFAIRS. 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. 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. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. 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. . Mills previously served as the deputy presiding partner of Debevoise . Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). 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. He graduated from Purdue University with a B.A. 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. The chief investment officer (CIO) usually oversees . 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. . But, we feel no such constraint. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. He received a big payout classified as other in calendar 2015. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. The Endowment is managed by a professional investment staff within the NYU Investment Office. When Volent took on her position in the summer of 2000, Bowdoins endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. Endowment Index Ends Second Straight Year at Record High, Tags: Bowdoin, CIO, Clayton Rose, Endowment, K. Niles Bryant, Paula Volent, Massachusetts Pension Fund Increases Corporate Diversity Standards, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Compensation is a delicate issue; but recruiters need to keep track of it. Niles has over 20 years of experience in the investment industry. Bowdoin College - Mid-career pay: $135,900 . 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 . Location. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . The Orient was unable to confirm if this is the case; beyond the statement issued by Volent, senior administrators contacted for this story declined to comment, as did several trustees and faculty with knowledge of the move. On August 15, Volent will be moving on to her new role as chief investments officer at Rockefeller University, a graduate research institution in New York City. Work at the Investment Office centers on selecting and monitoring investment . 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. 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. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. Middlebury Institute of International Studies at Monterey For example, because we are CIO-centric rather than school-centric, we report AUM for UTIMCO endowments as a whole and dont distinguish between U. of Texas and Texas A&M since the endowments are mostly handled as a single pool under a single CIO who earns a single paycheck. No credit card required. Friends and Colleagues Remember David Swensen, Top Returns at Midsize Endowments Challenge the Yale Model, U.S. Senate Has HELP for Retirement Plans, Modern Slavery Act Transparency Statement. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. - Conducted research . $1,249,740. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. You are strongly encouraged to use a real name or identifier ("Class of '92"). 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. Bowdoin has established a second investment office in New York City, College officials confirmed this week. After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: 520-529-5677 But there are exceptions. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. Jean's life was one of great love and devotion for her husband, David, with whom she was . Aerial views of campus with pops of brilliant fall color, thanks to local drone photographer Glenn Michaels. Washington, District of Columbia, United States. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. 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. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. Jun 2018 - Aug 20183 months. Chief Investment Officer Bowdoin College Jul 2021 . Niles Bryant Senior Vice President and Chief Investment Officer. 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. Its rife with dark hints and insinuations that, since NYSCRF had had some investments with Williams, Ms. Fuller must have been the beneficiary of some greasy quid-pro-quo. Chief Investment Officers Institutional Asset Managers Bowdoin College. Administration. It has been a great honor to oversee Bowdoins endowment, said Volent. If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. Ms. Volent, who has had the top investment position at the Brunswick, Maine-based college since the . BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. 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. Executives Listed on Filing. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. (Compensation as of calendar year-end 2015. April 16, 2021. 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. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. skorina@charlesskorina.com For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. chief investment officers - and the global investment community within which we work as executive search professionals. A Bird's-Eye View of Fall Color on Campus. If youre interested, send me your resume. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. Published October 05, 2022 by Bowdoin College. 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. WE'RE NOT ALONG: The investment office now has a satellite office in NYC. . 5700 College Station (207) 725-3221. in 2008 and earned his J.D. Financial services and technology are . 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. Investment . A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. See the metrics below for more information. The speech was well-received, and the school year proceeded. Bowdoin College names new CIO. During her time at Bowdoin, Volent oversaw top-decile growth of the colleges endowment over the past one-, three-, five-, ten-, and twenty-year periods. All asset classes are invested through a selection of external investment managers or through market indices. Chief Investment Officers vs. University Presidents. Chief Investment Officers are high-level executives in charge of managing their organization's investment portfolios. Printed by Penmor Lithographers, Lewiston, Maine. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . Content from before 2017 is preserved on this site, but there are no updates. Its ironic that data for public colleges has sometimes been the least public. Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. 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. The directory includes famous graduates and former students along with research and academic staff. Data Engineer @ Recorded Future Individual Tutor @ Bowdoin College Information Technology Technician @ Bowdoin College see more We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. 6.0. . In our chart below, we can only offer the bare numbers. "Many of these managers have offices in New York or make frequent visits to the city, and most members of the College's Investment Committee are based in New York.". Shell be making something like $340 thousand (the average director comp in cash and stock in 2017) for serving on two key committees (audit, and governance) on the relatively small board of a big, complex company. Most of that consisted of a $13.6 million bonus. 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]. A strong background in fixed income/credit is necessary. The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . or (OCIO firm) . 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. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . Although the gross number had become public, the Detroit Free Press still sued the University to obtain details about how it was calculated. She will join 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. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). Anne Dinneen, Hamilton's Chief Investment Officer, received Chief Investment Officer (CIO) magazine's Innovation Award for endowment management on Dec. 14 at a gala at the New York City Public Library. Here I was, an art person, Volent said. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. 1K followers 500+ connections. All funds are managed according to the policies established by the Board of the Purdue Research Foundation under the direction of the Investment Committee. Always high-quality. President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. 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. Michelle Chamberlain. Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. 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.. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. 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. 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." Always free. NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. But its been like pulling teeth in many places. And, we see no reason why we shouldnt share some of that bounty with our readers. Finally, Volents path led her back to Bowdoinbut this time in the treasury rather than the art museum, where she has been ever since. Harvards CIO-of-record in FY2017 was Narv Narvekar. Summer research assistant in the Department of Botany at the National Museum of Natural History. Sharon K. Basso. But the incentive formula is usually confidential. Charles Skorina & Co. is the exclusive search agent for this position. 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. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. Were convoluted, but were consistent. Benje Douglas Senior Vice President for Inclusion and Diversity. 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. 5 free lookups per month. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. He will begin work in mid-September, following his relocation from New York City. 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. AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 As the Lundberg case confirmed, these pay packages are complex. Im going to stay very much involved with the College when I leave.. COVID-19 Testing and Response Team Specialist. A recent and noisy case in point arose in Michigan. $10.5. They generally get no performance bonus (or only a modest one). <br><br>After graduating from Bowdoin College in 1992 with degrees in both Economics and Spanish, he began his . Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. 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. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. Mike Hussey joined Bates in 2012 and oversees or supports a variety of institutional projects on behalf of the President. 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.