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. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. Chief Investment Officers vs. University Presidents. A Maine resident herself, Volent will remain connected to the College and the state even after she assumes her new position. 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. 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. Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. By RebeccaNorden-Bright • May 14, 2021. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. Some things might look and act a little weird. BOWDOIN COLLEGE 5400 COLLEGE . Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. COVID-19 Testing and Response Team Specialist. 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. . 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. 5700 College Station (207) 725-3221. Compensation for this key position is competitive. Manager Selection February 23, 2023. Bowdoin College. And, we see no reason why we shouldnt share some of that bounty with our readers. See the metrics below for more information. The two-year lag in comp reporting is annoying, although we get to blame the IRS. 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. Michigan State University and [Swensen] took me inhe had me filing at first, and over time, he got me working on projects, Volent said. He will oversee the management of the Brunswick, Maine, college's $1 . $1,200,798. For all of those things that we understand to be the liberal arts and the power of it, shes demonstrated that you can have success in one area and then have the capabilities, the skills, the underlying education to be able to pivot and then have success in another.. Michael S. Hussey. A strong background in fixed income/credit is necessary. 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. Copyright 20042023 The Rockefeller University. She serves on a number of boards and investment committees including those of the National Gallery of Art, the Yale School of Management, The Rockefeller Foundation, the National Womens History Museum, Girls Who Invest, and MSCI. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. - Conducted research . And items in the other column are not always explicable. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. Published October 05, 2022 by Bowdoin College. Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. Mr. Skorina also publishes THE SKORINA LETTER, a widely-read professional publication providing news, research and analysis on institutional asset managers and tax-exempt funds. Office of the President. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . Financial services and technology are . At Rockefeller, we have enjoyed an enviable record of investment success under Amy Falls, says Bill Ford, chair of Rockefellers Board of Trustees. 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 College's $1.8 billion (as of June 30 . 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. Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. Below is the list of 100 notable alumni from Bowdoin College sorted by their wiki pages popularity. The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . Before submitting a comment, please review our comment policy. He earned an undergraduate degree in classical archaeology at the University of Michigan and a law degree at the Duke University School of Law, as well as an MBA from Dartmouth Colleges Tuck School of Business. The Investment Committee has oversight responsibility for the . 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. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. Volent has an M.B.A. from the Yale School of Management, an M.A. 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. 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.". Volent is on the board of directors at MSCI and the board of advisors for the Yale School of Management. 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. As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. Niles then worked as an Associate at Dewey & LeBoeuf LLP from 2000 to 2001. He started in April as director of investments. 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. 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. 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. (See our complete compensation chart just below.). Middlebury Institute of International Studies at Monterey Kathy Weiler oversees market strategy, product development, brand 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. But, obviously, we could only report pay for CY2015 if the CIO had held the same job in that prior period. Here are their stories. 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. from the Catholic University of America Columbus School of Law in 2015. . in 2008 and earned his J.D. www.charlesskorina.com, THE SKORINA LETTER:Sign-up Liked by Aiden MacNeil Chief Investment Officer Brown University . Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! They generally get no performance bonus (or only a modest one). 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. 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 . Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. [II Deep Dive:The Endowment Location Conundrum]. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. University of Chicago, MBA, Finance The New York office will ostensibly aid Volent's management of the endowment in several ways. Always high-quality. <br><br>After graduating from Bowdoin College in 1992 with degrees in both Economics and Spanish, he began his . Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. Work at the Investment Office centers on selecting and monitoring investment . 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.. 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. If you're happy with cookies click proceed. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. 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. Volent will join the biomedical research institution this summer from Bowdoin College, where she led the $2 billion endowment for the past two decades. Jean's life was one of great love and devotion for her husband, David, with whom she was . As a member of Bowdoins senior leadership team, Bryant will report to Rose. Investment . "It has been a great honor to oversee Bowdoin's endowment," said Volent. Always free. 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. All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. 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. 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. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. This is probably deferred comp which was accrued over several years and finally disbursed per his contract. Since the investigation was announced on Monday, members of the Bates community have responded to the news of the investigation. 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. Paula is unquestionably one of the most accomplished investment officers in the country, and we are thrilled that she has agreed to join us in this vital role, says Richard P. Lifton, Rockefellers president. Any comments made with an email address that does not belong to you will get removed. Presidential pay is structured very differently from a CIOs. 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. from New York Universitys Institute of Fine Arts, and a B.A. 3.3.2023. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. Everett, Massachusetts, United States. About . Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. Paula is a proven leader not only in terms of producing investment results but also as a mission-driven member of the senior executive team.. 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. 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.. 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. We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. News & Research forInvestmentLeaders, J.P. Morgan Credit and risk management Back Submit. Join to view profile . An example is Douglas Phillips at University of Rochester. 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. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. But there are exceptions. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. We'll never use your email for anything other than this newsletter. Copyright 2023 Asset International, Inc. All Rights Reserved. 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. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. We need a senior investment officer with experience at a top-tier asset owner such as an insurer, health system, endowment, foundation, pension fund, family office, or institutional asset manager. 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.. NYU's Endowment Fund provides a permanent source of capital to support the University's mission and programs. 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. 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. 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. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . Her portfolio even . After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: 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. The hitch is the long time-lag more than two years before the data is publicly available. Bowdoin College Apr 2012 - Nov 2013 1 year 8 months. 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. "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. $1,981,536,000. In the overarching sense, however, Volents career trajectory will always be of special relevance to Bowdoin. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. Affiliation: Office of the President. Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. The chief investment officer (CIO) usually oversees . More From Investment Office. Im going to stay very much involved with the College when I leave.. We should also mention that we used a $1 billion AUM lower bound for this list. 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. EDUCATION: Brandeis University, Bowdoin College. And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. DeGraff earned her master's and doctorate . A little background: Mills, who has a fondness for telling golf stories, described in his address an interaction which occurred during a golf match this summer. Ms. Fuller, prudently, chose not to dignify these charges with any public comment. 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.. But they may get significant other items to round up their total. . 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. Lane Hall, Room 214C. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. And experience with manager search and selection in opportunistic credit is highly desirable. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. Rockefeller's endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly And, even when public-school CIO comp is published, it cant always be trusted. 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. 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. $10.7. Office of the President. Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . Read Bio Covid-19 Response Team. Chief. Chief Investment Officers Institutional Asset Managers 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. As the Lundberg case confirmed, these pay packages are complex. 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.
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