After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: . Paula will help ensure that we continue to have the resources needed to fuel the world-leading research of our 70 heads of laboratory in pursuit of our mission, Science for the benefit of humanity., I have long admired the dedication and focus of the entire Rockefeller University community on conducting ambitious science that expands our knowledge of the world and has a positive impact on society, says Volent. $1,200,798. The Endowment is managed by a professional investment staff within the NYU Investment Office. Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. If you have a friend or colleague who might be suitable, please spread the word. 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? When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. Summer research assistant in the Department of Botany at the National Museum of Natural History. 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. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. 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. 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. I look forward to working with Niles over the next four months to facilitate a smooth leadership transition.. BOWDOIN COLLEGE 5400 COLLEGE . At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . Niles then worked as an Associate at Dewey & LeBoeuf LLP from 2000 to 2001. Niles Bryant Senior Vice President and Chief Investment Officer. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. 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. 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. More From Investment Office. Data Engineer @ Recorded Future Individual Tutor @ Bowdoin College Information Technology Technician @ Bowdoin College see more Bryants appointment is effective July 1, 2021. Paul Rucci. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. She is also a council member at the Maine Coast Heritage Trust and a financial advisory committee member at the American Institute for Conservation. 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. The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. Work at the Investment Office centers on selecting and monitoring investment . Upon graduating, he soon began working at the law firm, Debevoise . Culture, This content is from: The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. Corner 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). Curtis Leitner and Joseph Scholz discuss the use of preliminary agreements under New York law, analyzing relevant case law and explaining the implications for contracting parties. 1K followers 500+ connections. Lewiston, Maine 04240. Its a constantly evolving spectacle and The Skorina Letter gives readers a ringside seat. 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. In a field still dominated by men, she has been nationally recognized for her standout success. 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. Bowdoin also offers internships to students every summer in the Brunswick investment office; it is not known whether these internships will be available in New York. 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. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. Retained Executive Search This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies. Bowdoin College. Nearly half of the endowment is permanently restricted by donors to the support of student financial aid. 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. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. But the incentive formula is usually confidential. Chief Investment Officers are high-level executives in charge of managing their organization's investment portfolios. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. His typical pay is less than half the total shown for CY2015. Is Yales Endowment the New Tiger Management? from New York Universitys Institute of Fine Arts, and a B.A. This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. 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. 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. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. . The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. 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. 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. Capital Projects, and Special Counsel. In calendar year 2009the . Maintaining an office in the country's financial capital will allow Volent to hire and retain top investment associates. What is a Chief Investment Officer? Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Rockefeller's endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. Jun 2018 - Aug 20183 months. Then, at the end of July, the publicly-listed Williams Companies (NYSE: WMB) announced her appointment to their board. Join to view profile . Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. EDUCATION: Brandeis University, Bowdoin College. 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. Niles has over 20 years of experience in the investment industry. 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. 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. The directory includes famous graduates and former students along with research and academic staff. April 16, 2021. 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. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. He graduated from Purdue University with a B.A. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. The stewardship of these resources includes the investment of the endowment and other financial . News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management . 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. 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. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. 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. 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. Search Bowdoin College Search. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. Chief. Benje Douglas Senior Vice President for Inclusion and Diversity. The average grant for all aided studentsfunds that do not have to be paid backis approximately $56,000 a year. Chief Investment Officers Institutional Asset Managers Early life and education. from the Catholic University of America Columbus School of Law in 2015. . New York Law Journal. She will join the . Paula Volent. We doubt if anyone is going to top it. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). - Conducted research . If youre interested, send me your resume. This anecdote launched the larger theme of Mills' address, which posed the question of whether the College's generally liberal persuasion detracts from intellectual diversity on campus. But its been like pulling teeth in many places. 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. I started taking business classes at night at UCLA, and one of my professors said, youre pretty good at thishave you ever thought about going into business school? Volent said in a phone interview with the Orient. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . Bowdoin has established a second investment office in New York City, College officials confirmed this week. Or, you can file a FOIA request. 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 content is from: 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. And, we see no reason why we shouldnt share some of that bounty with our readers. Endowments Should Abandon Alts for Passive Investments, Report Says. $1,249,740. 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.. 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. 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 ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Orlando named chief financial officer at Bowdoin College. Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. 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 . A search committee has been formed to identify the sixteenth president of Bowdoin College. Volent went back for her Masters degree in art conservatorship at NYU and then went west, working at the L.A. County Museum of Art and San Franciscos Palace of Fine Arts as a paper conservator before starting her own private art conservation business outside of Los Angeles. 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. Our chart shows W2 earnings only, paid in calendar year 2015 and taxable to the CIO. In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. (The smaller TAM Foundation is managed separately.). skorina@charlesskorina.com The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. 3.3.2023. Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . 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. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). 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. 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. Read Bio . Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. 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. The most obvious one here is Paula Volent at Bowdoin College. Download pdf of bio. But in big-time academia, CEO pay often trails the CIO and probably the football and basketball coaches as well. Nevertheless, the losses didn't make a dent in last . Smith, who has served as the university's co-chief investment officer ad interim since March 2020, was chosen following an extensive national search. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. 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. 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 assume stewardship of the university's endowment starting August 15. "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.". Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. 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.". With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. Search Bowdoin College Search. $10.7. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. Prior to moving into the financial sector, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. Affiliation: Office of the President. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. Updates on the University COVID-19 response and operations available, Clinical Research and the Rockefeller University Hospital, Chemers Neustein Summer Undergraduate Research Fellowship Program, Campaign for the Convergence of Science and Medicine, Experience Science, the Arts, and Culture, Meet the scientific leaders who are changing medicine, Peek inside our 71 biomedical laboratories, Learn more about our flexible, supportive academic programs, Learn about the breakthroughs happening every day, Hear from the worlds leading speakers and thinkers, Weve spent 122 years perfecting the bioscience institute. Work. "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.". "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. You seem to be browsing on a screen size, browser, or device that this website cannot support. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. And items in the other column are not always explicable. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. 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.
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