Top 30 Endowment Chief Investment Officers
Educational endowments have shouldered an increasing burden in recent years as costs rise, funding falls and research must go on. To make matters more strenuous, public markets don’t return what they used to and private market saturation is dampening returns as well. Despite the challenges, these 30 chief investment officers have expertly navigated the markets and kept their respective institutions on sound financial footing. The following investment chiefs have outperformed and minimized risk better than most during down years, maintaining course for strong long-term returns; lead lean, efficient and stable teams; and allocate a substantial stake in private markets, which we believe will be the primary generator of long-term alpha. Presenting the Top 30 Endowment Chief Investment officers:
Stuart Mason is the associate vice president and chief investment officer at the University of Minnesota, where he also manages the venture capital portion of the endowment's portfolio. Prior to his tenure at Minnesota, Mason spent 15 years as a senior investment banker or executive officer in several investment banks including Dougherty & Company, EVERERN Securities and Dain Rauscher Corporation. He also served for ten years as a vice president of Wells Fargo Corporation.
William H. McLean is the vice president and chief investment officer at Northwestern University, which has $9.9 billion in assets under management. Previously, McLean was the senior managing director for asset and investment management at the John D. and Catherine T. MacArthur Foundation and as investment officer at Duke Management Company. McLean holds a B.A. in economics from Davidson College and an MBA from the University of North Carolina at Chapel Hill.
Seth Alexander is the president of Massachusetts Institute of Technology Investment Management Company (MITIMCo), which has $14 billion in assets under management. MITIMCo manages all of the university's financial assets, including the endowment, retirement plan and retiree welfare benefit plan. Prior to joining MIT, Alexander was a director at Yale University Investments Office under David F. Swensen. Alexander holds a bachelor's degree in biology from MIT. He is a Chartered Financial Analyst.
Andrew K. Golden is the president and chief investment officer of Princeton University Investment Company, which has $22.2 billion of assets under management. He started his career as an intern under David Swensen of Yale University Investment Office and later became a portfolio manager at Yale. Golden has an MPPM from Yale School of Management and a B.A. in philosophy from Duke University.
Mary Cahill is the vice president and chief investment officer of Emory University, overseeing a $7 billion investments portfolio of all endowment, trust, operating, and employee benefit funds of the University and related medical facilities. Prior to joining Emory, Cahill was deputy chief investment officer of Xerox Corporation and Xerox Canada pension plan. Cahill has 30 years of investment experience with prior positions in the Virginia Retirement System, SmithKline, BellSouth and Merck pension plans. Cahill has an MBA specializing in finance from St. John’s University.
Scott C. Malpass is the vice president and chief investment officer at the University of Notre Dame, which has $8.8 billion in assets under management. Malpass has held this position since 1989 when the endowment's value was $425 million. Previously, he served in executive roles at St. Joseph Capital Corporation and The Bank of New York Mellon Corporation. Malpass holds a B.S. in biology and an MBA from the University of Notre Dame.
Allison Thacker is the chief investment officer at Rice Management Company. She was a founding board member of KIPP Heartwood Academy, a college preparatory charter school serving East San Jose, California, is currently a member of the KIPP Houston Advisory Board, a member of the Houston Ballet Board of Trustees, a board member for Black Stone Minerals, and Chairman of the Board of Accelerate Learning. Prior to joining Rice University, she spent 11 years with RS Investments, a San Francisco-based investment firm specializing in public equities. Thacker holds an MBA from Harvard Business School and a B.A. in economics with honors from Rice University.
Paula Volent is the senior vice president for investments of Bowdoin College's endowment. Volent has led the endowment since 2000. Over the span of 15 years, she tripled the endowment's asset to $1.4 billion. Bowdoin's 10-year annualized return as of June 2016 is 10.4 percent. Volent graduated from the University of New Hampshire with a degree in history and chemistry and later studied art conservation at New York University. She started her investing career at Yale University Investments Office under the mentorship of David Swensen.
Nirmal P. Narvekar joined Harvard Management Company in December 2016 as the $35.7 billion endowment's CEO. Previously, he had been CEO of Columbia University Investment Company since 2002. Before that, he was a derivative trader at JPMorgan Chase & Co. Over the decade ended 2016, Columbia's endowment returned 8.1 percent annually.
Charles Kennedy is the chief investment officer at Carnegie Mellon University. Kennedy earned an MBA from Harvard Business School in 1995. Kennedy was an investment banker and later taught at the University of Pittsburgh before joining Carnegie Mellon’s investment team as a senior investment manager.
Peter Ammon is the chief investment officer at the University of Pennsylvania. Previously, Ammon served as director at the Yale University Investments Office. Ammon holds a B.A. in politics from Princeton University and an MBA and an master's degree in international relations from Yale University.
Karen Sisson is the vice president and treasurer at Pomona College. She has led the college's endowment since 2008. Previously, she was the city administrative officer of the City of Los Angeles from 2006 to 2008. Sisson received an MBA from the University of Chicago and a B.A. in international relations from Pomona College.
Jay Namyet is the chief investment officer of University of Oregon Foundation. He has led the university's $800 million endowment (as of January 2017) since 2000. Previously, Namyet at major investment firms such as Paine Webber, Refco and Smith Barney. He earned a bachelor's degree in economics from the University of Pennsylvania and an MBA from New York University.
Since October 1999, Erik Lundberg has served as the chief investment officer at the University of Michigan. Lundberg leads a staff of 12 to manage $10 billion in assets. Previously, Lundberg served as an investment officer at Ameritech. Lundberg holds an MBA in international business and finance from the Ohio State University and a bachelor's degree from the University of Wisconsin.
Mauricia Geissler is chief investment officer at Amherst College. Prior to this role, Geissler was director of public market investments at Lucent Asset Management, and senior vice president of institutional product strategy and development at Putnam Investments. She has a B.A. in finance and investments from the University of Wisconsin-Madison's School of Business.
Chief Investment Officer
Lawrence Kochard is the chief investment officer and CEO at the University of Virginia Investment Management Company, which has $7.6 billion in assets under management. Previously, Kochard served as the chief investment officer at Georgetown University and the managing director of equity and hedge fund investments at the Virginia Retirement System. Kochard holds a B.A. in economics from the College of William & Mary, an MBA from the University of Rochester and a Ph.D. in economics from the University of Virginia.
Joseph Dowling has served as the chief investment officer at Brown University since June 2013. From 1998 to 2013, he served as the founder and managing member of Narragansett Asset Management, LLC, a private investment partnership in Stamford, Connecticut. From its formation in 1998 through 2006, Narragansett managed funds for institutions, pension funds and college endowments. After 2006, Narragansett focused on managing Dowling's personal capital and that of a select group of strategic investors. Prior to forming Narragansett, Dowling worked at The First Boston Corporation and Tudor Investments. Dowling holds a B.A. from Harvard College and an MBA from Harvard University.
John Pomeroy is the chief investment officer at Pennsylvania State University. Previously, Pomeroy served as portfolio and product manager at Trinity Investment Management Corp. and as vice president and trust investment officer for Mellon Bank Corp. Pomeroy holds a B.S. in Industrial Psychology from Bowling Green State University and an M.A. in urban economics from the University of Akron.
Robert Wallace is chief executive officer of Stanford Management Company, which manages Stanford University's $22.4 billion endowment. Previously, he was the CEO at Alta Advisers Ltd, a London-based family office. He also worked at the Yale University Investments Office. He has served on the investment committee of Cambridge University and has been a trustee of the Royal Opera House and the English National Ballet. Wallace danced professionally with the American Ballet Theatre, the Boston Ballet, and the Washington Ballet. He graduated summa cum laude with a degree in economics from Yale University.
Scott Wilson is the chief investment officer for Grinnell College. In this role, Wilson evaluates global investment themes and strategies within equities, fixed income, real assets, private equity, venture capital, and marketable alternatives, including portfolio overlay and hedging options. He also monitors existing investments of the College and recommends new investments, portfolio allocations, and risk metrics. Prior to joining the College in 2010, Wilson served as the head of rates option trading for Barclays Capital in Tokyo, Japan. Previously, Wilson served in various trading and investment banking roles for Credit Suisse First Boston and Merrill Lynch. Mr. Wilson earned a B.A. in economics and mathematics from Grinnell College. He is also a Chartered Financial Analyst.
Jonathon C. King is the president and chief executive officer at UNC Management Company, which manages the $2.99 billion endowment of the University of North Carolina. King's previous roles include associate vice president and director of investments at Dartmouth College, investment officer at New England Mutual Life Insurance Company and senior accountant at PricewaterhouseCoopers. He has a B.A. in environmental studies from Middlebury College and an MBA from Amos Tuck School at Dartmouth College. He is also a Chartered Financial Analyst.
Amy Falls has served as the chief investment officer and vice president for investments at Rockefeller University, overseeing its $2 billion endowment. Rockefeller is a world-renowned center for scientific research and graduate education, which has produced 24 Nobel Prize winners since it was founded by John D. Rockefeller in 1901. Previously, she served for six years as the chief investment officer at Andover (Phillips Academy), where the endowment generated top quartile results from 2007 to 2010. In 2013, she was appointed to the Ford Foundation’s Board of Trustees. She also serves on the Board of Phillips Academy and on the Investment Committee of the Peterson Institute of International Economics. Falls holds a B.A. in history from Georgetown University and a master’s in international development from the Kennedy School of Government at Harvard University.
Collette Chilton is the chief investment officer at Williams College Investment Office. She is responsible for the investment of approximately $2.4 billion in assets held by the Williams College endowment. Prior to joining Williams in 2006, she served as the chief investment officer for Lucent Technologies from 1998 to 2006. From 1996 to 1998, she served as chief investment officer of the $30 billion Pension Reserves Investment Management (“PRIM”) Board, which invests the assets of the public employees’ and teachers’ retirement systems in Massachusetts. She held a similar position with the Massachusetts State Teachers and Employees Retirement Systems (“MASTERS”) Trust from 1993 until PRIM and MASTERS merged in 1996. Prior to 1993, she was in investment banking with the First National Bank of Boston and Citicorp Investment Bank.
Chilton serves on the boards of The Investment Fund for Foundations (TIFF), The Center for Private Equity and Entrepreneurship at the Tuck School of Business at Dartmouth and the Berkeley Endowment Management Company. She also serves on the investment committee for The Edna McConnell Clark Foundation. Chilton graduated from the University of California, Berkeley, with a B.S. in political economy of natural resources. She received a MBA from the Tuck School of Business at Dartmouth.
Mark A. Schmid is the vice president and chief investment officer at the University of Chicago, which has $7.2 billion in assets under management. Previously, Schmid served as the vice president and chief investment officer at The Boeing Company. Schmid holds a B.S. in accounting from the University of Detroit Mercy and an MBA in finance from Wayne State University in Detroit, Michigan.
Rick Kraich is the vice president and chief investment officer at the West Virginia University Foundation, which has $1.3 billion in investment assets under management. Previously, He was the chief investment officer at Homrich Berg, a senior director of investments at the Georgia Tech Foundation and a director of alternative investments at BellSouth Corporation. Kraich holds a Bachelor of Industrial Engineering degree from the Georgia Institute of Technology, an MBA from the University of Florida and is a Chartered Financial Analyst.
Samuel Gallo is the chief investment officer of University System of Maryland Foundation. He has led the university system's $1 billion investments since 2012. Previously, Gallo was a consultant at PwC and a pension advisor to the U.S. Treasury Department. Earlier in his career, he was a derivative trader.
Keith Ferguson is the chief investment officer of University of Washington's endowment. Prior to this role, he worked at Fidelity Investments, serving as regional investment director and portfolio manager in Hong Kong, chief investment officer for the Asia Pacific region and group leader/vice president for quantitative and structured investments in Boston. Ferguson holds a B.A. from Princeton University and an MBA from the University of Washington.
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