Washington, District of Columbia, United States. Report this profile Report Report. 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? Any comments made with an email address that does not belong to you will get removed. No hate speech, profanity, disrespectful or threatening comments. 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. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. . I feel like in investing, that approach has carried over. 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 . "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.". By RebeccaNorden-Bright • May 14, 2021. 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. Volent also cited proximity to fund managers as a primary reason for the new office. Bryant joined Bowdoins investment office in April 2020 as director of investments, following sixteen years as an investment professional and earlier as an attorney specializing in capital markets and mergers and acquisitions. and Secretary to the Board of Trustees. Join to view profile . Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. After Over 20 Years at Bowdoin, CIO Paula Volent Is Bowing Out, This content is from: 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. She will join the . Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. 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. 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. Bowdoins endowment was valued at nearly $2.5 billion at the close of the fiscal year, including approximately $33 million in gifts and other transfers that were added to the endowment. The investment portfolios for the endowments of the Massachusetts Institute of Technology and Bowdoin College lost 5.3% and 7.1%, respectively, in 2022, as volatile markets and rising rates have caused nearly every endowment to report investment losses for the fiscal year ending June 30. Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. Bryants appointment is effective July 1, 2021. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. 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. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! from the Catholic University of America Columbus School of Law in 2015. . 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. 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 positions the College very well to continue our focus on supporting every student in need who has earned a spot at Bowdoin and to fund other important initiatives at the College.. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. - Conducted research . 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. 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. Gregg Abella is CEO and Portfolio Manager at Investment Partners Asset Management. Ms. Volent, who has had the top investment position at the Brunswick, Maine-based college since the . Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. 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. 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. Administration. CIO; PLANADVISER; PLANSPONSOR; 702 King Farm Boulevard, Suite 400, Rockville . About; Bookstore; Campus Map; Colby Magazine; Dare Northward; Dining . Manager Selection February 23, 2023. He started in April as director of investments. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. Compensation is a delicate issue; but recruiters need to keep track of it. More From Investment Office. But there are exceptions. His typical pay is less than half the total shown for CY2015. 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. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. However, Volents path to Brunswick wasnt through finance at all. As a member of Bowdoins senior leadership team, Bryant will report to Rose. In 2004, they joined Carnegie Corporation of New York as the Associate Director of Investments . The two-year lag in comp reporting is annoying, although we get to blame the IRS. She will assume stewardship of the university's endowment starting August 15. (Compensation as of calendar year-end 2015. Jun 2018 - Aug 20183 months. 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. Bowdoin College - Mid-career pay: $135,900 . Volent flies frequently to meet with investment mangers across the country, so a New York location should make traveling easier for her. If youre interested, send me your resume. Bloomberg. 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.. 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. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. Net Assets. Bowdoin College has earned a 100% for the Accountability & Finance beacon. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. About . Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. These are the employers against which the university competes for talent recruitment and retention.. This was a difficult decision, but after more than twenty years, I am excited about writing a new chapter and taking on new challenges.. Senior Vice President and Chief Investment Officer. If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. The official University of Michigan salary-disclosure listing (page 447) for 2017 showed CIO Erik Lundbergs total comp as $720,000. 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 . 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.. Early life and education. 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. 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. 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. www.charlesskorina.com, THE SKORINA LETTER:Sign-up [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. Bowdoin has established a second investment office in New York City, College officials confirmed this week. Charles Skorina & Co. is the exclusive search agent for this position. 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. Skorina seeks CIO for $1.5 Billion portfolio. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. What is a Chief Investment Officer? who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. 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. All asset classes are invested through a selection of external investment managers or through market indices. New York Law Journal. She announced in February that she would be stepping down as senior vice president and chief investment officer at the college on June 30. Its my home. The hitch is the long time-lag more than two years before the data is publicly available. The directory includes famous graduates and former students along with research and academic staff. Members were drawn from the board of trustees, faculty, administrative and support staff, student body, and alumni community and announced May 20, 2022, by trustees Sydney Asbury 03 and Bertrand Garcia-Moreno 81, P17, the search committees cochairs, and by Robert F. White 77, P15, chair of the board of trustees. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. 6.0. . AUM as of June 30, 2017), COMPENSATION: TOP 74 CHIEF INVESTMENT OFFICERS, Baseline compensation year: December 31, 2015 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. 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. I had no background in finance, and I think thats [an] interesting [story] for Bowdoin students because you never know how your career is going to pivot I went to Yale initially thinking that afterwards, I was going to be a museum director and go back to the arts.. 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. Were convoluted, but were consistent. The New York office will ostensibly aid Volent's management of the endowment in several ways. He holds degrees from Bowdoin College, University of St. Andrews, and University of Connecticut School of Law. Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. Investment Officer - Sourcing and structured investments in Albania . 6080 N. Sabino Shadow Lane Before joining Bowdoin, Volent worked at Yale University under CIO David Swensen. Paul Rucci. 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.. 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. Financial services and technology are . Work. We wanted this chart to be a book-end to our reporting of investment performance for FY2017. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . Chief. 29. 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. Mills added that his interlocutor aggressively opined that he would support neither Bowdoin nor his own alma mater "because of all your misplaced and misguided diversity efforts.". Office of the President. Bowdoin College Signatory to Supreme Court Amicus Brief Supporting Use of Race-Conscious Admissions Process, Bowdoin has joined with thirty-two peer institutions in an, Bowdoin College Presidential Search Committee Named. chief investment officers - and the global investment community within which we work as executive search professionals. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. She holds a masters in business degree from the Yale School of Management. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. 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. The item War Department annual reports, 1917. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. The Investment Committee has oversight responsibility for the . This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. Read Bio Covid-19 Response Team. Many details about the office remain unknown: Volent did not specify where in New York City the office is located, its physical size, or if there is a possibility that it will become the College's primary office in the future. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. Most of that consisted of a $13.6 million bonus. We'll never use your email for anything other than this newsletter. This is the Bowdoin Orient's archive site. 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. About half the schools in the $500 million $1 billion range also have a dedicated CIO or equivalent, but they are omitted here, however well paid they may have been. 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.". Bryant will succeed Paula Volent, who announced in February that she intends to step down . Chief Investment Officer Brown University . The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. Im eager to join that community of scientists, students, postdocs, administrators, staff, and trustees and, in my new role, to contribute to the universitys culture of sustained excellence by working to assure the strength of its financial underpinnings.. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. In calendar year 2009the . In this section. 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. If you have a friend or colleague who might be suitable, please spread the word. Always high-quality. Chief Marketing Officer at Blue Cross Blue Shield of Massachusetts. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. from the University of New Hampshire. 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. Corner Office. 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. 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. From 2004 to 2008, Bryant was associate director of investments at the Carnegie Corporation of New York, one of the nations oldest private foundations, where he worked with Chief Investments Officer D. Ellen Shuman, a member of the Bowdoin Class of 1976. 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. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. EIN: 01-0215213; Classification Undergraduate College (4-year) . Location. Im going to stay very much involved with the College when I leave.. Middlebury Institute of International Studies at Monterey And, we see no reason why we shouldnt share some of that bounty with our readers. 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. 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. "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. Williams is an S&P 500 company, so virtually every institutional investor on the planet has a piece of their equity. A Maine resident herself, Volent will remain connected to the College and the state even after she assumes her new position. In our chart below, we can only offer the bare numbers. Each issue explores how the worlds most accomplished asset managers think and invest. Corner Office. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. Is Yales Endowment the New Tiger Management? 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. Capital Projects, and Special Counsel. I said, No, Im an artist, of course not!. 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. But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. "If you use your conservation skills on . Bowdoins investment return, while negative, compares favorably with equity and bond markets, which registered losses in the double digits over this very challenging period, said Bowdoin President Clayton Rose. 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]. Company Website. Associate VP and Chief Investment Officer. Volent has an M.B.A. from the Yale School of Management, an M.A. Copyright 20042023 The Rockefeller University. (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.). You seem to be browsing on a screen size, browser, or device that this website cannot support. She intimated to us that she was considering a board position, but that she hadnt yet pulled the trigger. Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. Michelle Chamberlain. There's not much that hasn't been long since said. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. Michigan State University and 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 . . But, we feel no such constraint. Benje Douglas Senior Vice President for Inclusion and Diversity. Its ironic that data for public colleges has sometimes been the least public. Before submitting a comment, please review our comment policy. 5700 College Station (207) 725-3221. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. Back Submit. Lane Hall, Room 214C. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg's family office, known as Willett Advisors . Or, you can file a FOIA request. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Without that, wed be in a very different place now with regards to access.. A search committee has been formed to identify the sixteenth president of Bowdoin College. Niles is uniquely positioned for this leadership position at Bowdoin, Volent said in a statement. The latest science discoveries delivered monthly to your inbox. If you're happy with cookies click proceed. Read our full privacy policy for more. What we cant do is explain how these numbers were arrived at. 30. She did it because of her love for Bowdoin. (The smaller TAM Foundation is managed separately.). WE'RE NOT ALONG: The investment office now has a satellite office in NYC. . 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 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. 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 . 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. 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. 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. "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.". 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. or (OCIO firm) . The endowment provides a permanent source of funding for such purposes as financial aid, faculty chairs, scholarly research and writing, student . . Investment . I look forward to working with Niles over the next four months to facilitate a smooth leadership transition.. . While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. 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. No credit card required. The latest discoveries delivered straight to your inbox. $1,249,740. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. 207-786-6103. mhussey@bates.edu. Officer. 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