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. and Secretary to the Board of Trustees. Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. No Reproduction Without Prior Authorizations. Published October 05, 2022 by Bowdoin College. But, we feel no such constraint. Leadership Maine is a powerful, nine month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. All rights reserved. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Bowdoin College. Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. Much of this has to be declared as taxable W2 income to the employee per IRS rules and is therefore in our total. Other, non-W2 items benefitting the CIO are often reported to the IRS (and are sometimes substantial) but we omit them for our purposes. Wilshire Lays Out a Broader Asset Allocation, Kentucky Retirement System Trustees Say It Is Not Subject to State's Anti-ESG Law, Ohio State Pension Approves New Asset Allocation. 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. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . As a member of Bowdoins senior leadership team, Bryant will report to Rose. 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. 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. Search Bowdoin College Search. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. 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. As a member of the Bowdoin Museum of Arts advisory board and an emeritus senior vice president, Volent will maintain the relationship with the College that she has remained committed to for over two decades. The portfolio she has built is truly one of a kind and her devotion to Bowdoins success in unmatched.. Nevertheless, the losses didn't make a dent in last . chief investment officers - and the global investment community within which we work as executive search professionals. 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. Ammon, Peter H. U of Pennsylvania. Then, at the end of July, the publicly-listed Williams Companies (NYSE: WMB) announced her appointment to their board. 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.". 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. 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. I feel like in investing, that approach has carried over. University of Chicago, MBA, Finance (In three volumes) Volume I. . 30. 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. 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.. Endowments Should Abandon Alts for Passive Investments, Report Says. Michael S. Hussey. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. "It has been a great honor to oversee Bowdoin's endowment," said Volent. K. Niles Bryant was named senior vice president and chief investment officer at Bowdoin College. 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. 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 smaller TAM Foundation is managed separately.). Location. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. 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. EDUCATION: Brandeis University, Bowdoin College. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. Bowdoin College - Mid-career pay: $135,900 . Lewiston, Maine 04240. This is the Bowdoin Orient's archive site. Other distributions restricted by donors are used to support professorships and instruction, lectureships, museums, the library and book purchases, and technology. But he was only hired in late 2016, and he had no pay for that position in CY2015. $1,200,798. "Williams, Dartmouth, Tulane, and others maintain off-campus investment oversight offices," wrote Volent. 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. Jean's life was one of great love and devotion for her husband, David, with whom she was . She did it because of her love for Bowdoin. She will join the . Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. He previously was director of real assets for the Gordon and Betty Moore Foundation for nearly 12 years, and before that was associate director of investments at the Carnegie Corporation of New York for over four years. But they may get significant other items to round up their total. (See our complete compensation chart just below.). 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. who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. - Conducted research . 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. A strong background in fixed income/credit is necessary. Read our full privacy policy for more. [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. Some things might look and act a little weird. 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. CHIEF INVESTMENT OFFICER IS OPTIMIZED FOR. Since the investigation was announced on Monday, members of the Bates community have responded to the news of the investigation. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. 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. He will begin work in mid-September, following his relocation from New York City. Always free. 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. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. Each issue explores how the worlds most accomplished asset managers think and invest. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. Copyright 20042023 The Rockefeller University. 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. 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. 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. Bryant will take the helm a little more than a year after joining Bowdoins investment office. Benje Douglas Senior Vice President for Inclusion and Diversity. 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. Private schools and some publics disclose it in IRS filings. Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . In the corporate world, the CEO almost always commands the big bucks. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. 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. Compensation for this key position is competitive. 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. All asset classes are invested through a selection of external investment managers or through market indices. Original content includes profiles and interviews with industry veterans and research on compensation and investment performance. Volent flies frequently to meet with investment mangers across the country, so a New York location should make traveling easier for her. Rockefeller's endowment, valued at $2.5 billion, is a crucial source of revenue for the university, contributing nearly There are probably other cases of non-typical payouts on the list, but we cant identify all of them. She is also a council member at the Maine Coast Heritage Trust and a financial advisory committee member at the American Institute for Conservation. Mike Hussey joined Bates in 2012 and oversees or supports a variety of institutional projects on behalf of the President. New York Law Journal. We do observe that some contracts mandate a biggish base salary and smallish bonus; others, the opposite. Her portfolio even . In our chart below, we can only offer the bare numbers. Most of that consisted of a $13.6 million bonus. Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. The most obvious one here is Paula Volent at Bowdoin College. The Boston College endowment exists to support the goals and operations of the University over the long term so that current and future students, faculty and staff benefit from investments. No hate speech, profanity, disrespectful or threatening comments. This content is from: He almost certainly makes more. Report this profile Report Report. 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. When Volent took on her position in the summer of 2000, Bowdoins endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. 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. Ms. Fuller, prudently, chose not to dignify these charges with any public comment. Investment Officer - Sourcing and structured investments in Albania . Below is the list of 100 notable alumni from Bowdoin College sorted by their wiki pages popularity. Bryant will succeed Paula Volent, who announced in February that she intends to step down . Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? Bryants appointment is effective July 1, 2021. We'll never use your email for anything other than this newsletter. You've seen his Stanford commencement speech, of course. And items in the other column are not always explicable. Following the U.S. Department of States (DOS) decision to merge its travel advisories with those set by the Centers for Disease Control and Prevention (CDC), these students were notified during the first round of course registration that, if they were traveling to a country that the DOS had just categorized as Level 4, they were strongly encouraged to withdraw from their prospective study abroad status with Bowdoin and register for courses. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Some key points from the policy: Go to content, skip over visible header bar, Orient article offers singular, alarming interpretation, President Rose, College community react to revealed Epstein ties with former trustee Jes Staley '79 P'11, Owner of At Last Spa promotes personal health and wellness practices, Graffiti at Bates being investigated as possible hate crime; Bowdoin students write letter in solidarity with protestors, Mckesson 07 H21 debuts fireside chats as first of this years honorary degree recipients, Shift in off-campus study policy now allows more students to go abroad for the fall, Professor of Government Chryl Laird to leave Bowdoin for University of Maryland. Work. Were convoluted, but were consistent. Executives Listed on Filing. A search committee has been formed to identify the sixteenth president of Bowdoin College. 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.". Chief. Financial services and technology are . Bowdoin has established a second investment office in New York City, College officials confirmed this week. 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.". As the Lundberg case confirmed, these pay packages are complex. 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. President Barry Mills announced last night that he plans to remain at the helm of Bowdoin for at least five more years. BOWDOIN COLLEGE 5400 COLLEGE . 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. Any comments made with an email address that does not belong to you will get removed. Administration. 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. Capital Projects, and Special Counsel. 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. She will assume stewardship of the universitys endowment starting August 15. from the Catholic University of America Columbus School of Law in 2015. . Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. Paula had opportunities to do all kinds of things over many yearsto go to other placesand she stayed here because she loves Bowdoin, Rose said. Bowdoin College has earned a 100% for the Accountability & Finance beacon. "The College's endowment is invested across a range of asset classes in global markets. 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. This is typical compensation for a manager of an educational endowment the size of Bowdoin's, and it reflects the strong returns Volent has achieved in recent years. 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. 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. This relationship does not necessarily hold at smaller schools, but its pretty consistently true at the biggest ones. There's not much that hasn't been long since said. A direct Mayflower descendant of Richard Warren, Jean was born on March 28, 1939, to parents Frank N. and Harriet O. 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. (SVP/CHIEF INVESTMENT OFFICER) $4,170,808: CHRIS PICCIONE (ENDOWMENT CHIEF OPS OFFICER) $501,321: CLAYTON ROSE . "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.". On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. Or, you can file a FOIA request. 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. She will assume stewardship of the university's endowment starting August 15. 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. Todd M. Jones is Executive Vice President, Chief Financial Officer (CFO). 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.. When I leave Bowdoin, Im leaving the endowment position after 21 years, and if you count the museum its 25 years, Volent said. The directory includes famous graduates and former students along with research and academic staff. 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.. What we cant do is explain how these numbers were arrived at. Join to view profile . 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. 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]. . She succeeds Amy Falls, who is leaving the post this spring . He will oversee the management of the Brunswick, Maine, college's $1 . 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.. We pointed out in our letter that she appeared to be underpaid compared to (male, white) CIOs running comparably big public pensions. An example is Douglas Phillips at University of Rochester. (Barker) Bordo. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. Following a national search process, Jainen "JT" Thayer has been selected to be Grinnell's next chief investment officer (CIO). In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. I said, No, Im an artist, of course not!. In opening the office, Bowdoin joins a group of colleges and universities that have moved their offices closer to financial centers. 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. The portfolio is structured with a long-term time horizon, with portfolio diversification and manager selection directed toward protecting endowment capital in challenging investment environments, while growing those assets during periods of economic stability and growth. Volent will join the biomedical research institution this summer from Bowdoin College, where she led the $2 billion endowment for the past two decades. I am excited to lead this effort and deepen the College's investment capabilities with an eye on the long term." Bryn Mawr's endowment market value was $888 million at the end of the 2018-19 fiscal year, and net assets of the College were $1.08 billion. Corner Office. You are strongly encouraged to use a real name or identifier ("Class of '92"). In Roses eyes, Volents loyalty to Bowdoin in the face of far more flashy and lucrative competing job offers over the past two decades most clearly capture her commitment to and love for the College, and this in itself is deserving of gratitude. And, even when public-school CIO comp is published, it cant always be trusted. Washington, District of Columbia, United States. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. Chief Investment Officer Bowdoin College Jul 2021 . And, we highly doubt Ms. Fuller was looking for a cushy job when she accepted an offer from Williams. Niles Bryant Senior Vice President and Chief Investment Officer. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. Investment . 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, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. 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. 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. 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 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.. A recent and noisy case in point arose in Michigan.
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