No credit card required. She intimated to us that she was considering a board position, but that she hadnt yet pulled the trigger. Its all possible thanks to funding secured by the McKeen Center and the Office of Career Exploration and Development. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. 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. 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. 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. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. In addition to running her own conservation business, she served stints with the National Gallery of Art in Washington, D.C., the Los Angeles County Museum of Art, the Palace of Fine Arts in San Francisco, and the New-York Historical Society, among other organizations. 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. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. Read Bio . As a member of Bowdoins senior leadership team, Bryant will report to Rose. He will oversee the management of the Brunswick, Maine, college's $1 . In this section. All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. 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. President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. (Barker) Bordo. 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. Prior to moving into the financial sector, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. Everett, Massachusetts, United States. Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. But, we feel no such constraint. No Reproduction Without Prior Authorizations. Harvards CIO-of-record in FY2017 was Narv Narvekar. It is not clear if this factor influenced the decision. 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. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. 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. He will succeed Paula Volent, who announced in February that she intends to step down in June after more than twenty years in the position. If you have a friend or colleague who might be suitable, please spread the word. Smith, who has served as the university's co-chief investment officer ad interim since March 2020, was chosen following an extensive national search. The endowment grew to $1.8 billion in assets under management over the course of her tenure. 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.. The Office of Investments manages the combined Purdue Investment Pool (PIP) and the Purdue Investment Pool Cash (PIPC). AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 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. If you're happy with cookies click proceed. Catch up on the latest reports, stories and opinions about Bowdoin and Brunswick in your inbox. You seem to be browsing on a screen size, browser, or device that this website cannot support. "If you use your conservation skills on . Most of it is publicly available, anyway; as long as youre willing to scrounge for it. The New York office will ostensibly aid Volent's management of the endowment in several ways. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. Niles has over 20 years of experience in the investment industry. Bowdoin College. Vice President for Institutional Affairs. A Bird's-Eye View of Fall Color on Campus. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. 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. The stewardship of these resources includes the investment of the endowment and other financial . Or, you can file a FOIA request. Bowdoin College Apr 2012 - Nov 2013 1 year 8 months. in 2008 and earned his J.D. And items in the other column are not always explicable. Kathleen E. Jacobs , Chief Investment Officer Skip Sidebar. Always high-quality. chief investment officers - and the global investment community within which we work as executive search professionals. 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. 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. A strong background in fixed income/credit is necessary. Senior Staff. Although the gross number had become public, the Detroit Free Press still sued the University to obtain details about how it was calculated. Bowdoin College has earned a 100% for the Accountability & Finance beacon. "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.". Rockefeller's endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly Summer research assistant in the Department of Botany at the National Museum of Natural History. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Volent has an M.B.A. from the Yale School of Management, an M.A. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. 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. Chief Investment Officer Bowdoin College Jul 2021 . 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. 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. He earned his law degree at the Duke University School of Law in 1998 and his MBA in 2003 at Dartmouth Colleges Tuck School of Business. "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.". Always free. If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. 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. In this 2011 revival, Bowdoin students tell the Orient about their experiencesgood, bad, or just extreme. (The smaller TAM Foundation is managed separately.). 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. Below is the list of 100 notable alumni from Bowdoin College sorted by their wiki pages popularity. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. New Bowdoin Podcast to Tackle Issues of Democracy. 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. Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. It has been a great honor to oversee Bowdoins endowment, said Volent. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. $10.5. Compensation is a delicate issue; but recruiters need to keep track of it. The average grant for all aided studentsfunds that do not have to be paid backis approximately $56,000 a year. Volent also cited proximity to fund managers as a primary reason for the new office. who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. The most obvious one here is Paula Volent at Bowdoin College. Chief Investment Officer Brown University . 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. I feel like in investing, that approach has carried over. The latest discoveries delivered straight to your inbox. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. Paul Rucci. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. 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. Its the same as with conservation[in conservation], we do tons of looking under the microscope, testing, and then you have to have the bravery to do the treatment because youre making a commitment [by doing that]. Prior issues can be found in archives on our website, Charles Skorina & Company She holds a masters in business degree from the Yale School of Management. BOWDOIN MAGAZINE (ISSN: 0895-2604) is published three times a year by Bowdoin College, 4104 College Station, Brunswick, Maine, 04011. 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.. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Michigan State University and Mike Hussey joined Bates in 2012 and oversees or supports a variety of institutional projects on behalf of the President. Lewiston, Maine 04240. 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. Bowdoin College, Brunswick, Maine. Were convoluted, but were consistent. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. 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. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. Bowdoin has established a second investment office in New York City, College officials confirmed this week. Chief Investment Officers Institutional Asset Managers Bowdoin College's long-time chief investment officer Paula Volent is stepping down. 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. An example is Douglas Phillips at University of Rochester. 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.". Capital Projects, and Special Counsel. According to the Associated Press, Gwen Lexow, Bates director of Title IX and civil rights compliance, wrote in an email to students that said she heard members of the Bates community expressing deep concern about the impact of the language contained in the flyers and graffiti, particularly on Jewish members of our campus community. 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. At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. He received a big payout classified as other in calendar 2015. CIO compensation is primarily a function of AUM. 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. Matthew P. Orlando of Brunswick has been promoted to the position of senior vice president for finance and administration at Bowdoin . Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. Data Engineer @ Recorded Future Individual Tutor @ Bowdoin College Information Technology Technician @ Bowdoin College see more 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. The item War Department annual reports, 1917. 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. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. EIN: 01-0215213; Classification Undergraduate College (4-year) . Bryants appointment is effective July 1, 2021. This is a new position with a highly rated, multi-line insurance company located in the greater Philadelphia area. Some things might look and act a little weird. Senior Vice President and Chief Investment Officer. (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. 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. It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. 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 . Matthew G. Bibbens '92. Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. 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. Aerial views of campus with pops of brilliant fall color, thanks to local drone photographer Glenn Michaels. Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. Financial services and technology are . When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. . 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 . Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. 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. Ernst & Young Systems and process consulting 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. 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. This case examines modern endowment investment management through the lens of a leadership transition between Chief Investment Officers (CIOs). 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. 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. 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. As an extra, added bonus for those who have read this far, lets take a quick look at CIO vs. presidential pay at a few major schools. . I look forward to working with Niles over the next four months to facilitate a smooth leadership transition.. He is a graduate of the University of Michigan, where he earned his undergraduate degree magna cum laude in classical archaeology, and where he was also elected to Phi Beta Kappa. By far the most significant legacy she will leave from the growth of the endowment is to move us to among the leaders in financial aid of all colleges and universities in this country, President Clayton Rose said in a Zoom interview with the Orient. 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. 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. She did it because of her love for Bowdoin. She will join the . Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. 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). K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. However, Volents path to Brunswick wasnt through finance at all. I love the College and its mission, and I am proud to have been able to contribute to Bowdoins position as one of our countrys great liberal arts colleges. More From Investment Office. 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. (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.). It is invested globally across a diverse range of . 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. What is a Chief Investment Officer? Middlebury Institute of International Studies at Monterey Chief Investment Officer at Bowdoin College New York, New York, United States. I said, No, Im an artist, of course not!. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. 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. 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. [II Deep Dive:The Endowment Location Conundrum]. According to the Foundation and Endowment Intelligence report, the College is now looking to hire a head of private equity and a head of real assets. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. We'll never use your email for anything other than this newsletter. Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. Erim began his current role at the RGA as Chief Financial Officer in August 2017. On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. Published October 05, 2022 by Bowdoin College. Here I was, an art person, Volent said. Niles exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula, Bowdoin President Clayton Rose said in a statement. He holds degrees from Bowdoin College, University of St. Andrews, and University of Connecticut School of Law. Ms. Volent, who has had the top investment position at the Brunswick, Maine-based college since the . She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. Institutional investors operate at the crossroads of capital . Corner Office. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. The Bowdoin endowment consists of more than 1,700 individual funds, and, as of June 30, had three-, five-, and 10-year annualized returns of 10.7%, 8.5%, and 11.6%, respectively. 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. 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. 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.". Thats about standard for a company of this size in this industry. [Our commitment to equal access] is something thats deep in our values, but its also something thats possible because of two things: one, the generosity of our alumni and our parents, and two, Paulas amazing track record. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. He will begin work in mid-September, following his relocation from New York City. Bryant will take the helm a little more than a year after joining Bowdoins investment office. The Investment Office team and the Institute's Board of Trustee Investment Committee's goal is to provide increased support for the Institute's academic and research programs . Any comments made with an email address that does not belong to you will get removed. (See our complete compensation chart just below.). 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. Is Yales Endowment the New Tiger Management? News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management 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." CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . . 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. Bloomberg. In the corporate world, the CEO almost always commands the big bucks. Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. Skorina seeks CIO for $1.5 Billion portfolio. In calendar year 2009the . "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.". WE'RE NOT ALONG: The investment office now has a satellite office in NYC. Upon graduating, he soon began working at the law firm, Debevoise .
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