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She will leave Bowdoin having brought the value of the endowment to $1.8 billion as of the end of the last fiscal year, 387 percent growth from when she started. 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 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. No credit card required. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. But there are exceptions. 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. 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. . The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. 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. 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. BOWDOIN MAGAZINE (ISSN: 0895-2604) is published three times a year by Bowdoin College, 4104 College Station, Brunswick, Maine, 04011. This is a new position with a highly rated, multi-line insurance company located in the greater Philadelphia area. Ammon, Peter H. U of Pennsylvania. 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. Always high-quality. Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. Mills previously served as the deputy presiding partner of Debevoise . "Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant . "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.". As a member of Bowdoins senior leadership team, Bryant will report to Rose. - Conducted research . 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. 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. And items in the other column are not always explicable. Affiliation: Office of the President. Office of the President. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Copyright 20042023 The Rockefeller University. Sharon K. Basso. 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. Here I was, an art person, Volent said. Chief Investment Officer at Bowdoin College New York, New York, United States. Volent has an M.B.A. from the Yale School of Management, an M.A. All asset classes are invested through a selection of external investment managers or through market indices. 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.. 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. 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. Williams' endowment is the largest of any liberal arts college in the country,but Williamstown, Mass., like Brunswick, is not a hotbed of financial activity. in 2008 and earned his J.D. 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. Ms. Fuller, prudently, chose not to dignify these charges with any public comment. 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. Indeed, Volents first introduction to business and investing didnt come until she was well into her art career. 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. Skorina seeks CIO for $1.5 Billion portfolio. 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. Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. Endowments Should Abandon Alts for Passive Investments, Report Says. Michigan State University and Bowdoin didnt actually have an investments person [before me], so I came to Bowdoin working as the associate treasurer, Volent said. New Bowdoin Podcast to Tackle Issues of Democracy. 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. 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. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? The two-year lag in comp reporting is annoying, although we get to blame the IRS. But over 5 years Bowdoin beat him by 170 basis points! It was echoed by the New York Post, with: Ex-pension chiefs cushy gas company gig raises eyebrows. EDUCATION: Brandeis University, Bowdoin College. 5700 College Station (207) 725-3221. Associate VP and Chief Investment Officer. A Bird's-Eye View of Fall Color on Campus. Lane Hall, Room 214C. Compensation for this key position is competitive. [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. 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.". Lewiston, Maine 04240. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. 520-529-5677 Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. Liked by Aiden MacNeil At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. However, Volents path to Brunswick wasnt through finance at all. The speech was well-received, and the school year proceeded. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. Niles is uniquely positioned for this leadership position at Bowdoin, Volent said in a statement. Can an 'Agreement to Agree' Support Expectation Damages? Back Submit. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. His new employer gave him a $1.8 million mortgage loan at (presumably) a very nice interest rate. or (OCIO firm) . 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. You've seen his Stanford commencement speech, of course. They used a consultancy, Cambridge Associates, and it was something the treasurer did part-time.. What we cant do is explain how these numbers were arrived at. Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. Bowdoin College. In the corporate world, the CEO almost always commands the big bucks. All funds are managed according to the policies established by the Board of the Purdue Research Foundation under the direction of the Investment Committee. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. In calendar year 2009the most recent for which data is availableshe was Bowdoin's highest paid employee, with a compensation package worth $772,873. On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. In 2020, Volent was named one of the top 100 Most Influential Women in U.S. Finance by Barrons. April 16, 2021. Thayer comes to Grinnell from the Oberlin College Investment Office in New York City, where he served as CIO. Upon graduating, he soon began working at the law firm, Debevoise . . They generally get no performance bonus (or only a modest one). Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. Harvards CIO-of-record in FY2017 was Narv Narvekar. 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. 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. 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. You seem to be browsing on a screen size, browser, or device that this website cannot support. He started in April as director of investments. Download pdf of bio. Jun 2018 - Aug 20183 months. 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. Bowdoin College, Brunswick, Maine. Bowdoin College names new CIO. 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. The most obvious one here is Paula Volent at Bowdoin College. There are probably other cases of non-typical payouts on the list, but we cant identify all of them. She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. He received a big payout classified as other in calendar 2015. 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. Matthew G. Bibbens '92. "The College's endowment is invested across a range of asset classes in global markets. (In three volumes) Volume I. The school announced Thursday that Volent, who had served as the endowment's investment chief since 2000 . Paula Volent, a leading investment manager who oversaw Bowdoin Colleges $2 billion endowment for two decades, has been named Rockefellers next vice president and chief investment officer. Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . Thats about standard for a company of this size in this industry. Chief Investment Officers are high-level executives in charge of managing their organization's investment portfolios. General Manager Roberts 032 207-859-5464 [email protected] Colby College 4000 Mayflower Hill Waterville, ME 04901 207-859-4000. Ernst & Young Systems and process consulting Rockefellers endowment provides critical support for the innovative science performed in our laboratories, studies that have set the pace for progress in biomedicine since the institutions founding in 1901. Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. www.charlesskorina.com, THE SKORINA LETTER:Sign-up 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.. <br><br>After graduating from Bowdoin College in 1992 with degrees in both Economics and Spanish, he began his . 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. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. Most of that consisted of a $13.6 million bonus. Always free. Paula Volent, chief investment officer at Bowdoin College, will step down June 30. 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. Her portfolio even . University of Chicago, MBA, Finance $10.5. This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. Bowdoin College Names K. Niles Bryant CIO, Massachusetts Pension Fund Increases Corporate Diversity Standards. The College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. 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. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. It is invested globally across a diverse range of . Bowdoin Colleges long-time chief investment officer Paula Volent is stepping down. Bryants appointment is effective July 1, 2021. Read Bio . Everett, Massachusetts, United States. 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. Officer. 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. In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. Finally, Volents path led her back to Bowdoinbut this time in the treasury rather than the art museum, where she has been ever since. 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. Paula Volent, Bowdoin Colleges chief investment officer, announced she will leave her post June 30, 2021, at the end of the current academic year, to pursue the next chapter in what has been a varied and tremendously successful career at the College.