As Volent leaves Brunswick, she will leave big shoes for her replacement, Niles Bryant, current director of investments, to fill. All asset classes are invested through a selection of external investment managers or through market indices. Maintaining an office in the country's financial capital will allow Volent to hire and retain top investment associates. Fortress Investment Group . [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. WE'RE NOT ALONG: The investment office now has a satellite office in NYC. Tucson, AZ 85750 The hitch is the long time-lag more than two years before the data is publicly available. For example, because we are CIO-centric rather than school-centric, we report AUM for UTIMCO endowments as a whole and dont distinguish between U. of Texas and Texas A&M since the endowments are mostly handled as a single pool under a single CIO who earns a single paycheck. Niles Bryant is the SVP and Chief Investment Officer at Bowdoin College. He added that Volent and her team have produced investment returns that changed both the trajectory of the college and the lives of thousands of students who benefitted from the financial aid resources generated from its endowment.. Bowdoin College Apr 2012 - Nov 2013 1 year 8 months. Well-known alumni include John L. Flannery, who in 2017 was named chairman and chief executive officer of . Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. CIO editor Christine Giordano said, "We were very impressed by all that she has been able to accomplish in such a short amount of time.". This is the Bowdoin Orient's archive site. 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. EDUCATION: Brandeis University, Bowdoin College. The average grant for all aided studentsfunds that do not have to be paid backis approximately $56,000 a year. And, if NYSCRF held Williams (investment-grade) bonds, you can be sure that Ms. Williams a crack credit-analyst and bond maven in her previous jobs had the numbers to prove they were a suitable buy for her fund. Chief investment officer pay at 74 top endowments; Skorina seeks a chief investment officer; Vickie Fuller: The after-life of a CIO; . Early life and education. Copyright 20042023 The Rockefeller University. 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. Location. Over the course of Volents tenure, the endowment has grown from just over $465 million in the summer of 2000 to $1.8 billion as of June 30, 2020, according to Bowdoins announcement. Bryant started their career as an Associate at Winston & Strawn LLP from 1998 to 2000. But, we feel no such constraint. In the latest issue of the Claremont Review of Books, President Barry Mills receives something of a tongue lashing for his September convocation address dealing with intellectual diversity at the College. Bowdoin only recently broke into the billion-plus club, but Ms. Volent a Yale Investment Office alumna has been consistently over-performing for years. Were looking for a Chief Investment Officer to manage a $1.5 Billion investment portfolio. An outrage outfit called (appropriately) Sludge, with some like-minded media allies, produced a hit-piece which they called New York Pension Chief Cashes in on Natural Gas. No credit card required. It would be highly misleading to ascribe that comp to Mr. Narvekar, so we didnt. (He was paid $4.3 million by Columbia University in that period, but that was under a different contract with a different employer with a smaller AUM, making it triply apples-to-oranges.). 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. Sharon K. Basso. A little background: Mills, who has a fondness for telling golf stories, described in his address an interaction which occurred during a golf match this summer. Bowdoin College has promoted K. Niles Bryant to be the new CIO of its $1.8 billion endowment, effective July 1. Bowdoin College is 438th in the world, 175th in North America, and 163rd in the United States by aggregated alumni prominence. Volent changed her mind after chatting with a friend of a friend who was a dean at the Yale School of Management and was accepted after deciding to apply on a whim. The same week she was to formally confirm the acceptance, however, she got another job offer from the National Gallery of Art in Washington, D.C. Volent deferred her Yale acceptance to take the job, but after realizing how much of her work at the National Gallery was supported by endowments and dealt with budgeting and finance, she decided after a year and a half to accept the standing offer from Yale and enroll in business school full time. Prior to moving into the financial sector, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. Her portfolio even . She worked as a senior associate at the Yale investments office, according to her biography on the website for theNational Womens History Museum, where Volent serves as a board member. 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. 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.. This anecdote launched the larger theme of Mills' address, which posed the question of whether the College's generally liberal persuasion detracts from intellectual diversity on campus. DeGraff earned her master's and doctorate . Volent flies frequently to meet with investment mangers across the country, so a New York location should make traveling easier for her. The Boston College endowment exists to support the goals and operations of the University over the long term so that current and future students, faculty and staff benefit from investments. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. As an extra, added bonus for those who have read this far, lets take a quick look at CIO vs. presidential pay at a few major schools. Reports of the Secretary of War, Chief of Staff, Adjutant General, Inspector General, Judge Advocate General, Quartermaster General, Surgeon General, Chief of Ordnance, Chief Signal Officer, Chief of Militia Bureau, Chief of Coast Artillery, Superintendent Military Academy, Chickamauga and Chattanooga Park Commission . "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.". 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. As senior vice president and chief investment officer, Bryant will be a member of Bowdoins senior leadership team, reporting to the president. We doubt if anyone is going to top it. E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. from the Catholic University of America Columbus School of Law in 2015. . As a member of Bowdoins senior leadership team, Bryant will report to Rose. Compensation is a delicate issue; but recruiters need to keep track of it. Accordingly, we wanted to list only CIOs who were the managers-of-record for that period so that pay could be usefully compared to performance. Members were drawn from the board of trustees, faculty, administrative and support staff, student body, and alumni community and announced May 20, 2022, by trustees Sydney Asbury 03 and Bertrand Garcia-Moreno 81, P17, the search committees cochairs, and by Robert F. White 77, P15, chair of the board of trustees. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. Shell be making something like $340 thousand (the average director comp in cash and stock in 2017) for serving on two key committees (audit, and governance) on the relatively small board of a big, complex company. Many details about the office remain unknown: Volent did not specify where in New York City the office is located, its physical size, or if there is a possibility that it will become the College's primary office in the future. Paula Volent. . 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. Niles is uniquely positioned for this leadership position at Bowdoin, Volent said in a statement. 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. . Sheri B. Bronstein '90, Ridgewood, New Jersey, Chief Human Resources Officer, Bank of America (2023), Visiting Committee on Environmental Studies Ryan Connolly '07, Wellesley Hills, MA, First Vice President and Private Wealth Advisor, Morgan Stanley PWM (2026) Charles T. Diamond '12, New York, New York, Deputy Chief of Staff, City of New York, Mayor's Office of Contract Services (2026 . Erim began his current role at the RGA as Chief Financial Officer in August 2017. In a very few cases we estimated comp based on our industry knowledge, rather than omitting a major school. 1K followers 500+ connections. Over the duration of her career in Brunswick, Volent oversaw the growth of Bowdoins endowment from $465 million to its current $2.4 billion valuationgrowth which has fundamentally altered the Colleges financial capabilities and enabled it to be one of 19 need-blind colleges nationwide in its admissions policies and meet full demonstrated financial need with zero loans. . 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. Chief Investment Officer at Bowdoin College New York, New York, United States. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. This support includes enabling expanded access, subsidizing tuition for every student, paying for the best teachers and facilities, creating knowledge and supporting basic operations. Retained Executive Search I started taking business classes at night at UCLA, and one of my professors said, youre pretty good at thishave you ever thought about going into business school? Volent said in a phone interview with the Orient. In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. Then, at the end of July, the publicly-listed Williams Companies (NYSE: WMB) announced her appointment to their board. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College. Craig W. Smith, a highly experienced and respected investment professional in the institutional investment industry, has been named chief investment officer of Tufts University. Its the same as with conservation[in conservation], we do tons of looking under the microscope, testing, and then you have to have the bravery to do the treatment because youre making a commitment [by doing that]. Williams and Dartmouth's investment offices are based in Boston while Tulane's office is located in Darien, Conn. Williams hired Collette Chilton as its chief investment officer in 2006 and opened the Boston office shortly after. What we cant do is explain how these numbers were arrived at. From 2004 to 2008, Bryant was associate director of investments at the Carnegie Corporation of New York, one of the nations oldest private foundations, where he worked with Chief Investments Officer D. Ellen Shuman, a member of the Bowdoin Class of 1976. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. CHARLES A. SKORINA & COMPANY works with leaders of Endowments, Foundations, and Institutional Asset Managers to recruit Board Members, Executives Officers, Chief Investment Officers and Fund Managers. More From Investment Office. In calendar year 2009the . Volent will join the biomedical research institution this summer from Bowdoin College, where she led the $2 billion endowment for the past two decades. But its been like pulling teeth in many places. Nevertheless, the losses didn't make a dent in last . Bryant will succeed Paula Volent, who will step down at the end of June after more than 20 years on the job. Most of that consisted of a $13.6 million bonus. About . The most obvious one here is Paula Volent at Bowdoin College. This is probably deferred comp which was accrued over several years and finally disbursed per his contract. "The College's endowment is invested across a range of asset classes in global markets. Some things might look and act a little weird. The occasional series "How it feels" was first published in the 2005-2006 volume of the Orient. Volent has an M.B.A. from the Yale School of Management, an M.A. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. The item War Department annual reports, 1917. Catch up on the latest reports, stories and opinions about Bowdoin and Brunswick in your inbox. New York Law Journal. Under Fallss leadership, Rockefellers investment team returned consistent top-decile growth of the Universitys endowment over the past decade. Harvards CIO-of-record in FY2017 was Narv Narvekar. Thirty-seven years ago, on Aug. 5, 1984, Joan Benoit Samuelson won the first-ever women's Olympic marathon. Name Title Hours Per Week Total Salary; Paula Volent: SVP/CHIEF INVESTMENT OFFICER: 40: $4,170,808: Chris Piccione: ENDOWMENT CHIEF OPS OFFICER . 5700 College Station (207) 725-3221. Today, Volent oversees a growing staff split between two offices in Brunswick and New York. Officer. She will assume stewardship of the university's endowment starting August 15. Bowdoin College's long-time chief investment officer Paula Volent is stepping down. Capital Projects, and Special Counsel. The team reports to the Chief Investment Officer, President of the College, and Bowdoin's Investment Committee. He earned his law degree at the Duke University School of Law in 1998 and his MBA in 2003 at Dartmouth Colleges Tuck School of Business. But, in an upcoming supplement to this letter, well look at recent historical trends in CIO pay, and will even daringly attempt to extrapolate what current (calendar 2018) pay may be for some of these CIOs based on that trendline. Associate VP and Chief Investment Officer. Endowments Should Abandon Alts for Passive Investments, Report Says. The endowment portfolio is diversified across different asset classes, including domestic and international equities, fixed income, private equity, venture capital, real estate, and absolute return strategies. I feel like in investing, that approach has carried over. Mr. Phillips is an effective and well-credentialed CIO and Rochester, understandably, wants to fend off offers from other, bigger schools. "It has been a great honor to oversee Bowdoin's endowment," said Volent.