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Founded in 1794, Bowdoin College is a highly selective liberal arts college with approximately 1,800 students. Bowdoin is set in the coastal New England town of Brunswick, Maine, a town of 22,000 residents. The College’s historic 215-acre campus, is 35 miles from Portland and about 120 miles from Boston. With a commitment to the common good, as outlined in the Offer of the College, Bowdoin through its need-blind admissions policy, meets the need of 100% of students’ demonstrated financial need with no loans. Bowdoin is a dynamic and diverse living and learning community with more than 30% of students who identify as students of color and where more than 45% of students receive financial aid. Clayton Rose is the 15th President of the College and has served in this role since July 2015.
Bowdoin’s Investment Office is headed by the Senior Vice President and Chief Investment Officer, who is responsible for the management of the College’s endowment, under the direction of the Investment Committee of the Board of Trustees. Assets under management are over $2 billion, grown from an initial base of $465 million in 2000. The endowment uses an allocator model and does not select securities directly. Bowdoin invests in a portfolio of outside investment managers across asset classes. These outside managers invest the College’s endowment primarily in special types of “commingled” funds or limited partnerships.
The main investment office is based in New York City, with an Operations Team located in Maine. The successful candidate will work out of the New York City location and will on occasion travel to Maine.
Reporting to the Senior Vice President and Chief Investment Officer, the Director of Investments will collaborate on investment manager identification, selection and oversight of the entire portfolio. The portfolio is invested globally across a range of strategies, including long-only, absolute return, venture capital, private equity, and real assets. Although the team is structured around the generalist model, the Director of Investments will likely spend somewhat more time on public markets strategies versus the non-marketables area.
Additional responsibilities include:
Lead the due diligence of investment opportunities, including conducting market and manager research, preparing analyses and investment memoranda, and presenting recommendations, market overviews and portfolio/performance details to the Investment Committee.
Maintain relationships with managers and potential managers, conducting periodic portfolio reviews to ensure performance is consistent with expectations.
Communicate performance to other members of the Investment Team and to the Investment Committee.
Provide support to the Chief Investment Officer to maximize the overall investment return of its endowment and fulfill its fiduciary obligations.
Participate as a senior member of the Investment Team and take a leadership role in a broad range of activities, including interacting with the Investment Committee as well as mentoring junior staff and interns.
Work collaboratively with the Operations Team on legal, reporting, and administrative matters.
Provide innovative recommendations to the team and make a clear commitment to this non-profit educational and research institution.
Outstanding academic credentials including a Bachelor’s degree and MBA. Additionally, a CFA designation is preferred.
A loyal, positive and consultative personal style that fits well and is additive to a collaborative, team-oriented organization, along with the highest level of integrity, intellectual capability and curiosity.
Demonstrable personal interest and commitment to the mission of Bowdoin College.
Ability to portray Bowdoin College as a desired investor to top-tier investment managers.
Experience Requirements and/or Equivalents
The successful candidate will have a minimum of ten years investment management experience. Although the investment office is an allocator, direct public equity markets investment experience is strongly preferred given the unique benefits this viewpoint potentially brings to the team. Such a candidate must be eager to redeploy the skills and perspective learned as a direct investor to an allocator role which may require a longer-term outlook and less transaction activity.
Additional qualifications include:
• Track record of achieving superior investment performance on a risk-adjusted basis versus peers.
• A global perspective, given the endowment is invested across domestic and international markets and a wide range of investment styles.
• Experience managing and constructing broad-mandate portfolios to achieve investment objectives with a long-term orientation. A demonstrated understanding of endowment investing principles and practices.
• Substantial investment experience in both equity and credit markets, with an ability to weigh relative attractiveness.
• A high degree of familiarity with alternative public market investment strategies, such as long/short equity and absolute return.
• Demonstrated sophistication and fluency on macroeconomic, geopolitical and broader market topics.
• Experience debating investment ideas in an objective, data-driven, and cogent manner. Flexible and intellectually honest thinker.
• Strong analytical skills and an ability to distill complex concepts into clear, digestible communications. Ability to iterate and improvise when encountering ambiguity.
• A holistic understanding of investments on both an individual and portfolio-wide basis.
• Familiarity with the investment landscape, including compelling firms and strategies that could merit the team’s consideration.
• Mature interpersonal skills. Ability to effectively interact with top investment managers and work with all constituencies, including Investment Committee members and sophisticated investment professionals.
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