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Top 20 CIO Moves Of 2016

by trusted insight posted 1year ago 6865 views
In retrospect, 2016 will go down in history as a year of change. On ideological, scientific and most notably political fronts, this has been a time of spectacular, often jarring upheavals of established order. 

The world’s top institutional investment offices were not spared from major changes either. The position of chief investment officer, which often boasts long tenures, saw a number of high profile retirements, resignations and new appointments this year. While endowments and pension funds saw the bulk of changes, no institution type remained unscathed.

As 2016 comes to a close, Trusted Insight compiled the top 20 chief investment officer moves of the year. 

Endowments

Columbia Investment Management Company
Promotion: Peter Holland
Successor: Tim Donohue
Peter Holland, chief investment officer at Columbia’s $9 billion endowment since 2003, was promoted to CEO following Nirmal Narvekar’s departure to Harvard. Tim Donohue, previously a vice president and partner at Booz Allen, was tapped to be the next chief investment officer at Columbia. 

Cornell University Office of University Investments
Departure: A.J. Edwards
Successor: Kenneth Miranda
Cornell University endowment’s A.J. Edwards resigned effective March 31, 2016. He joined the investment office in 2008 and was named chief investment officer in 2012. Kenneth Miranda, former director of the International Monetary Fund, took the helm of the $6 billion endowment on July 1. 

Dartmouth College 
Departure: Pamela Peedin
Successor: Search Ongoing
Pamela Peedin will end her six-year tenure as chief investment officer at Dartmouth College in June 2017, the end of the university’s fiscal year. A national search is currently underway to find her replacement. Previously, Peedin served as the inaugural chief investment officer at Boston University’s then-$1 billion endowment.

Harvard Management Company (HMC)
Departure: Stephen Blyth
Successor: Nirmal Narvekar
Stephen Blyth resigned from the $35.7 billion endowment in July following ailing investment performance. The management company hired Nirmal Narvekar, then-CEO of Columbia University’s $9.6 billion endowment, as his replacement after a three-month search. Narvekar officially took over management of HMC on December 5, 2016.

Johns Hopkins University 
Departure: Kathryn Crecelius
Successor: Search Ongoing
Johns Hopkins University’s inaugural chief investment officer, Kathryn Crecelius, retired at the end of June. Crecelius joined the endowment in October 2005 and built the investment office from scratch. A nationwide search is still underway to find Crecelius’ replacement to lead the $4 billion endowment. 

Read Trusted Insight’s interview with Crecelius from October 23, 2015.

Southern Methodist University
Departure: Michael Condon
Successor: Rakesh Dahiya
Southern Methodist University’s Chief Investment Officer Michael Condon resigned in March. Condon headed SMU’s endowment since December 2008 before leaving to join the Fund Evaluation Group’s outsourced-CIO division. Rakesh Dahiya took over the $1.5 billion university endowment on September 12, 2016. Dahiya has experience working at university endowments, most recently overseeing hedge funds, public equity and fixed-income strategies at the University of Florida Investment Corporation.

University of Texas Investment Management Company
Departure: Bruce Zimmerman
Successor: Search Ongoing
Bruce Zimmerman, who was CEO and chief investment officer of The University of Texas Investment Management Company since 2007, resigned in October. Previously, Zimmerman was chief investment officer and global head of pension investments at Citigroup. A national search for his replacement is currently underway. Trusted Insight compiled a list of the investment professionals who are most qualified to be Zimmerman’s replacement
 

Foundations

Conrad N. Hilton Foundation
Departure: Randy Kim
Successors: Michael Buchman, Yatin Patel
Randy Kim, a David Swensen protege, abruptly resigned from the Conrad N. Hilton Foundation in May after an eight-year tenure at its helm. Michael Buchman and Yatin Patel were named co-chief investment officers of the Conrad N. Hilton Foundation. Buchman joined the foundation in 2009 focusing on private equity and real assets. Patel joined in 2008 and focused on public equities.

James Irvine Foundation
Departure: John Jenks
Successor: Tim Recker
John Jenks, chief investment officers of the $2 billion James Irvine Foundation, will retire in January 2017, following nearly 15 years at the foundation. Tim Recker, former managing director for private equity and real assets at the University of California, was appointed as his replacement. Recker, who joined the foundation in November, brings more than 20 years of investment management experience to his new role. 
 

Hospitals

New York-Presbyterian Hospital
Departure: Gloria Reeg
Successor: William Lee
Gloria Reeg, chief investment officer of New York-Presbyterian Hospital, retired in June 2016. William Lee was hired as her replacement and assumed the role on June 1, 2016. Lee has spent more than ten years with Kaiser Permanente, overseeing the hospital’s $71 billion in assets.


Insurance

Allstate Investment Management
Departure: Judith Greffin
Successor: John Dugenske
Allstate’s chief investment officer since January 2011, Judith Greffin retired in March 2016. John Dugenske, former global head of fixed income at UBS Global Asset Management, will assume the position in early 2017. Dugenske will bring more than 25 years of experience to managing the insurance company’s $81 billion of assets.

Prudential Retirement
Departure: Richard Hrabchak
Successor: Sara Bonesteel
Richard Hrabchak ended his 29-year career with Prudential Financial after resigning as chief investment officer in June 2016 to take on a chief investment officer role at competing insurance firm Mutual of Omaha. Sara Bonesteel, who joined Prudential in 2008 as managing director of alternatives before being promoted to head of portfolio strategy, took over the $371 billion retirement fund. Bonesteel has more than 25 years of investment experience, including previous stints at Bear Stearns and JP Morgan.  
 

Pensions

Arizona State Retirement System 
Departure: Gary Dokes
Successor: Karl Polen
After a 13-year tenure as chief investment officer at Arizona State Retirement System, Gary Dokes resigned in April from the $760 million Arizona Community Foundation. Karl Polen was promoted to this role from head of private markets. Polen joined the $32 billion pension fund in 2010 following a distinguished 30-year finance career in the private sector.

Johnson & Johnson
Appointment: Neil Roache
Neil Roache was named chief investment officer of the Johnson & Johnson managing the corporation’s $22.3 billion retirement funds. Johnson & Johnson’s pension plan is one the 20 largest public company pensions in the United States. Previously he served as director of investment strategy and public markets at Exelon. 

Ontario Teachers' Pension Plan
Departure: Neil Petroff
Successor: Bjarne Graven Larsen
Neil Petroff, chief investment officer  of the $108.5 billion Ontario Teachers’ Pension Plan, stepped down on June 1, 2015 to join Canadian alternatives investment firm Northwater Capital Management. In January 2016, Bjarne Graven Larsen was selected to take over as chief investment officer of the $108.5 billion pension plan. Formerly, he was chief investment office of Denmark’s largest pension plan ATP and most recently served as the chief financial officer at Novo A/S, a venture capital firm in Copenhagen. 

Orange County Employees Retirement System
Departure: Girard Miller
Successor: Search Ongoing
Girard Miller, chief investment officer of Orange County Employees Retirement System (OCERS), is resigning effective January 5, 2017. Miller grew the pension fund to more than $13 billion from $9.4 billion since joining the firm in 2012. OCERS is conducting a national search for Miller's replacement. Shanta Chary, director of investment operations, is the interim chief investment officer. 

Pennsylvania State Employees’ Retirement System 
Departure: Thomas Brier
Successor: Bryan Lewis
Thomas Brier, chief investment officer at Pennsylvania State Employees’ Retirement System retired on June 24 after 16 years of service. Bryan Lewis, former executive director of the Illinois State Universities’ Retirement System, took over the $25 billion fund. 


Single-Family Offices

Soros Fund Management
Departure: Ted Burdick
Successor: Search Ongoing
In August, Ted Burdick, chief investment officer of George Soros’ $25 billion family office, announced his intention to step down from the position once a replacement has been found. A search is currently underway for his replacement. Trusted Insight compiled a shortlist of likely replacements. Prior to his promotion to chief investment officer, Burdick was head of distressed debt and arbitrage groups and will return to running that portfolio at the firm once he steps down. 

Mousse Partners
Departure: Jean Hoysradt 
Successor: Suzi Cohen
In December 2015, Jean Hoysradt resigned from Mousse Partners Limited, a $44 billion single-family office. Suzi Cohen became chief investment officer in March 2016. Cohen previously headed private equity at GIC, a Singaporean sovereign wealth fund.
 

Sovereign Wealth Funds

GIC
Promotion: Lim Chow Kiat
Successor: Jeffrey Jaensubjakij
GIC, a leading Singaporean sovereign wealth fund managing more than $100 billion of assets, appointed Lim Chow Kiat, the fund’s group chief investment officer, as CEO, a newly created role as part of the fund’s leadership transition. Lim will assume the role effective January 1, 2017. GIC named Jeffrey Jaensubjakij as his replacement. Previously Jaensubjakij had served as president of public markets at GIC. 

Victorian Superannuation Fund (VicSuper)
Departure: Oscar Fabian
Successor: Andrew Howard
Oscar Fabian retired from the Australian pension fund VicSuper on August 31, 2016, ending his six-year tenure. Andrew Howard, former Asia Pacific chief investment officer at Mercer, was appointed Fabian’s replacement at the $17 billion fund, effective November 23, 2016.

Click here to see Trusted Insight’s previous people moves recap.

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