Access here alternative investment news about 8 CIO Candidates To Lead University Of Virginia Investment Management Company

8 CIO Candidates To Lead University Of Virginia Investment Management Company

by trusted insight posted 3years ago 5076 views
The University of Virginia Investment Management Company, or UVIMCO, will soon lose its longtime chief investment officer. Trusted Insight tapped its global network of institutional investors to identify eight candidates qualified to assume the role.

Lawrence Kochard leaves UVIMCO’s chief executive officer and chief investment officer role at year’s end. The board has commenced a search for Kochard’s replacement to manage the company’s staff of 35 and nearly $9 billion in assets.

The UVIMCO board’s ideal candidate is a long-term and strategic thinker and decision maker with broad and deep understanding of global investment markets, substantial investment experience, a proven ability to add value to an investment portfolio and is committed to the University of Virginia’s history, ideals and culture of honor and respect.

“The ideal candidate will be characterized more by the nature of his or her ability to think strategically and communicate effectively than by any background,” the company’s job description reads.

Larry Kochard described his job as a juggling act between managing and leading his team and investment managers, collaborating with the UVIMCO board and staying abreast of the dynamic and ever changing financial markets.

“It ends up all about people, having a strong team that's collegial, recruiting them, keeping them, managing and leading them, and then the people interaction with the rest of the university,” Kochard said in a Mar. 18, 2016 interview. “Being able to manage that, while still being very focused 24/7 on what the portfolio looks like, what could go wrong, where do we really need to be spending time.”

The UVIMCO portfolio is invested across public equity, long/short equity, private equity, real estate, resources, absolute return and credit, and government bonds and cash. Despite UVIMCO’s stature as one of the top educational investment offices in the country, current market conditions and the increase of sophisticated investment offices will be a challenge for UVIMCO, and all institutions in the years to come.

“The number of additional competitors has been a growing concern,” Kochard said in a Feb. 24, 2017 interview. “That makes our ability to get access to great funds that much more difficult. Not only has it been an issue, but it will continue to be an issue for us.”

With these criteria and challenges in mind, Trusted Insight assembled a list of eight seasoned investment thought leaders likely to succeed Kochard as chief executive and chief investment officer of UVIMCO:

Brian Fullerton
Outsourced Chief Investment Officer
Goldman Sachs 
Years of experience: 30+

Argument: Brian Fullerton’s experience in leadership positions across various investment disciplines -- risk management, asset management, alternative markets, derivatives -- and now as an outsourced CIO make him a strong candidate to assume the UVIMCO role. Fullerton has spent his career honing the skills necessary to lead a major institutional investment office. As the next chief executive of UVIMCO, Fullerton would have the opportunity to build a program of his own and give back to the university that gave him his start.

Biography: Brian Fullerton is an outsourced chief investment officer at Goldman Sachs, where he manages multi-asset class portfolios for institutional clients. Previously, he was the principal at HF Clarity and Unique Property Fund and managing director at Gottex Fund Management. Prior to those positions, he served as the CIO of the Americas at Merrill Lynch Investment Managers. Fullerton holds an MBA from the Wharton School at the University of Pennsylvania and a B.S. in commerce from the University of Virginia. He also holds a Chartered Financial Analyst designation. 

Bruce MacDonald
Managing Director
Virginia Commonwealth University Investment Management Company
AUM: $80 million (As of June 30, 2017) 
Years of experience: 20+ 

Argument: Bruce MacDonald’s previous experiences and continued relationships make him a suitable candidate to be a long-term leader of UVIMCO. The management company has hired MacDonald previously as director and chairman of the investment committee, where he became acquainted with the University of Virginia mission and oversaw liquidity and risk management, tactical asset allocation and due diligence on various strategies. MacDonald now works for Nancy Everett, who mentored Kochard when she led the Virginia Retirement System and he was managing director. With more than 20 years investment experience across multiple asset classes, prior experience at UVIMCO and work experience with the thought leader who impacted Kochard most, MacDonald should be a strong candidate for the role.

Biography: Bruce MacDonald is managing director at Virginia Commonwealth University Investment Management Company. Previously, he was a managing partner and founder of Crayna Capital and the chief investment officer at Simple Alternatives. Prior to those positions, he was a director at UVIMCO and served as chairman of the investment committee. MacDonald holds an MBA in finance from Columbia Business School and a B.A. in religion from Wesleyan University. 

Meredith Jenkins 
Chief Investment Officer 
Trinity Wall Street 
AUM: $1.97 billion (As of Dec. 31, 2016)
Years of experience: 20+

Argument: Meredith Jenkins, a University of Virginia alumna with 20-plus years of investment experience, could make an impact on day one. Jenkins’ service on the UVIMCO investment committee has well-acquainted her with the institution’s investment strategies, managers and philosophy. Given her allegiance to University of Virginia, leadership at Trinity Wall Street and Carnegie Corp., one of the world’s most iconic philanthropic organizations, and her boots-on-the-ground investment experience in Hong Kong, Jenkins is a superior candidate for the role.

Biography: Meredith Jenkins is the chief investment officer at Trinity Wall Street, a well-endowed parish church in the Episcopal Diocese of New York, where she manages more than $1.9 billion. Previously, she held various roles at Carnegie Corporation of New York, including vice president and co-CIO, special representative to Hong Kong and associate investment director. Jenkins holds an MBA from Harvard Business School and a B.A. in english language and literature from the University of Virginia. 

Jenkins was named on Trusted Insight's 2017 Top 30 Foundation Chief Investment Officers.

Ronald Schmitz
Chief Investment Officer
Virginia Retirement System
AUM: $76 billion (as of Sept. 30, 2017)
Years of experience:

Argument: Ronald Schmitz is the most tenured candidate on Trusted Insight’s list of potential candidates to lead UVIMCO. Schmitz also has a strong working relationship with Kochard, who serves as chair on the Virginia Retirement System’s investment advisory committee. While moving to a university endowment would surely be a change of pace for Schmitz who hails from the pension world, his success leading massive retirement systems (Virginia, Oregon PERS, Illinois State Board of Investment) and interactions with UVIMCO’s long-time leader make reliable candidate to succeed Kochard. Virginia Retirement System’s five-year annualized return of 8.9 percent for the period ended Sept. 30, 2017 bested it benchmark, and assets have grown to $76 billion from $51 billion, when Schmitz took over.  

Biography: Ronald Schmitz is the chief investment officer at Virginia Retirement System since 2011, where he oversees $76 billion of assets under management. Prior to this, he served as the chief investment officer at Oregon State Treasury for eight years and was chief investment officer at the Illinois State Board of Investment prior to that. Schmitz began his career with Kraft Foods Inc., before gaining pension management experience at Sears, Roebuck & Co. He has also served as the director of investments for Blue Cross & Blue Shield Association. Schmitz has a bachelor's degree in accounting from Western Illinois University and an MBA from Northwestern University.

Schmitz was named on Trusted Insight’s 2017 Top 30 Public Pension Fund Chief Investment Officers. Read our interview with him here.

Sam Gallo
Chief investment officer
University of Maryland System Foundation
AUM: $1.3 billion (as of Jun. 30, 2017)
Years of experience: 18+ years

Argument: UVIMCO seeks a proven leader with an “insatiable interest” and “broad and deep understanding” of global markets, including traditional and alternative assets. With a background spanning the trading floor, alternative investment consulting and management of a $1.3 billion university endowment, Samuel Gallo is the “thoughtful, intellectually curious, passionate” candidate the university seeks. Gallo is poised to bring to UVIMCO his skills and network that retooled the UMS Foundation portfolio, team and strategy that ultimately grew assets to $1.3 billion from $949 million in 2012.

Biography: Sam Gallo is the chief investment officer at University System of Maryland Foundation, where he is responsible for $1.3 billion investment portfolio representing 22 higher education institutions. Previously, Mr. Gallo developed and led a consulting practice for universities, hospitals and pensions as well as asset managers for PwC. At Ennis Knupp & Associates, he co-led a hedge fund consultancy. Gallo earned an MBA from the University of Chicago Booth School of Business and B.S. in accounting and finance from the University of Illinois Urbana-Champaign. As a trader/portfolio manager at a Chicago proprietary trading organization, he managed more than $8 billion in daily derivative transactions. He is president of the CAIA Washington, D.C., a chapter of CAIA Association. He is also investment committee chairman and a board member of the Bender Jewish Community Center of Greater Washington.

Gallo was named on Trusted Insight’s 2017 Top 30 Endowment Chief Investment Officers. Read our three-part interview with him here, here and here.

Sam Hassan 
Principal, Global Special Situations 
Abu Dhabi Investment Council
AUM: More than $100 billion (estimates from public sources)
Years of experience: 17+ 

Argument: If UVIMCO seeks a new leader with a truly global perspective, an entrepreneurial spirit and track record of generating outsized returns, Sam Hassan is a strong candidate. Hassan’s experience spans brand name asset managers, like Fortress Investment Group and Pequot Capital, and successful upstarts – he built and managed the first hedge fund in the UAE and later led Oman’s first sovereign wealth fund. On ADIC’s special situations team, Hassan invested across geographies – Japan, China, Brazil, Russia – and asset classes. UVIMCO would be remiss to pass over a candidate as qualified, worldly and value-add as Hassan. 

Biography: Sam Hassan served as principal of global special situations at Abu Dhabi Investment Council, where he covered private investments in technology, healthcare, consumer, banking, private lending and regulatory capital. Previously, he was the chief investment officer at Anwaar Majan, Oman’s first sovereign wealth fund. Hassan was fund manager at Duet, managing director and founder at Darley Advisors, managing director at Fortress Investment Group and principal at Abraaj Capital (a hedge fund), among other positions. Hassan holds bachelor’s degree in economics from the University of Michigan. 

Sargent McGowan 
Managing Director
University of Virginia Investment Management Company
AUM: $9 billion (as of Jun. 30, 2017)
Years of Experience: 21 years

Argument: If UVIMCO is looking to maintain the status quo established during Kochard’s tenure, Sargent McGowan is a strong internal hire. McGowan leads the public equity and long/short allocations, which account for 46.3% of total portfolio assets and has also worked across teams on private market investments. Kochard purposefully cross trained his senior staff so “they can work on anything at any point in time.” McGowan’s 21 years of investment experience, broad exposure across asset classes, his laudable investment returns (14.4 percent and 7.6 percent five-year annualized returns for public equities and long/short, respectively, over the period ended June 30, 2017) and his commitment to the university as a UVA alumnus and a UVIMCO investment committee member make him a sound candidate to succeed Kochard.

Biography: Sargent McGowan is a managing director at UVIMCO with responsibility for public equity investments, as well as co-head responsibility for growth equity and long/short equity investments. He serves as a member of UVIMCO’s Investment Committee and is involved in all aspects of the investment process and portfolio risk management. Prior to joining UVIMCO in 2013, McGowan spent 11 years as a portfolio manager at Invesco’s Global Equity group in Atlanta, Georgia. Prior to Invesco, Sargent worked in sell side equity research in New York as a Research Associate for both Sanford C. Bernstein and PaineWebber. McGowan holds B.S. in commerce from the University of Virginia and an MBA from the University of North Carolina. He is a CFA charter holder.

Sherif Nahas
Director, Private Equity & Real Assets
Ford Foundation
AUM: $12.1 billion (As of Dec. 31, 2016)
Years of experience: 24+

Argument: Sherif Nahas, a University of Virginia alumnus with more than 24 years of investment experience, could return to UVIMCO and make a lasting impact. He has proven himself as an exemplary investor during his nearly 20 years first at UVIMCO and then the Ford Foundation, two world-class institutions. Now may be the time for Nahas to return to his alma mater as the management company’s next chief executive.

Biography: Sherif Nahas has been the director of private equity and real assets at the Ford Foundation since July 2009. Prior to joining Ford, he served as the director private equity and real assets at University of Virginia Investment Management Company for eight years. He is currently a board member at the Reset Foundation, a movement to disrupt the prison to poverty cycle. Nahas holds an MBA in finance from the University of Michigan and an M.E. in mechanical and aerospace engineering from the University of Virginia. He also holds a Chartered Financial Analyst designation.