As a member of the Bowdoin Museum of Arts advisory board and an emeritus senior vice president, Volent will maintain the relationship with the College that she has remained committed to for over two decades. Despite the courts ruling, we believe disclosure of the Incentive Plan will put U-M at a competitive disadvantage, a school spokesman said. It has been a great honor to oversee Bowdoins endowment, said Volent. I have known Paula for my entire investing career and have always admired her investment judgment, passion for markets, and dedication to Bowdoin, noted Bryant. Prior to working in the investment industry, Volent was a paper conservator at the New-York Historical Society, the San Francisco Palace of Fine Arts, the LA County Museum of Art, and the National Gallery of Art in Washington, D.C., according to her biography on the museums website. 3.3.2023. In 2020, she was named one of the 100 Most Influential Women in U.S. Finance by Barrons. Compensation is a delicate issue; but recruiters need to keep track of it. Financial services and technology are . Over the past two decades, Volent has overseen a level of endowment growth unrivaled by any other institution in the country. Vice President for Institutional Affairs. While Harvard is the most conspicuous case, a few other CIOs are also MIA in this chart for similar reasons. Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. 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. Paula Volent, Bowdoin Colleges chief investment officer, announced she will leave her post June 30, 2021, at the end of the current academic year, to pursue the next chapter in what has been a varied and tremendously successful career at the College. He holds degrees from Bowdoin College, University of St. Andrews, and University of Connecticut School of Law. Here are their stories. Executives Listed on Filing. 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. Vickie Fuller, beginning with no special advantages, achieved success in both the corporate and non-profit spheres with a lifetime of hard work. In 2006, we hired Collette Chilton to the new position of Chief Investment Officer. John Lawler is chief financial officer at Ford Motor Company and has overall responsibility of finance functions including Accounting, Financial Planning and Analysis, Treasury, Tax, Investor Relations, Economics and Audit as well as the Ford Credit business. In the overarching sense, however, Volents career trajectory will always be of special relevance to Bowdoin. Prior to his work in the field of investments, Bryant was an associate at the New York City law firms of Dewey Ballantine and Winston & Strawn. It was probably meant to motivate retention, with some or all of the accrued pay forfeited if the employee leaves too soon. 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. So many interesting people in finance have art history degrees or literature degrees, [that sort of background in] the liberal arts., Shes a wonderful example of what the liberal arts is all about and the power of the liberal arts, Rose said. . Olympian Joan Benoit Samuelson 79 Reflects on Championship, Mental Health, and Balance. No credit card required. With the Tokyo 2020 marathon days away, we caught up with her to reflect on a few matters running-, and non-running, related. ), officer during the War of 1812 I feel like in investing, that approach has carried over. Niless exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula in this work that is vital for the College and especially for the students and families supported through our endowment returns, said Bowdoin President Clayton S. Rose. It is not clear if this factor influenced the decision. What is a Chief Investment Officer? He earned an undergraduate degree in classical archaeology at the University of Michigan and a law degree at the Duke University School of Law, as well as an MBA from Dartmouth Colleges Tuck School of Business. 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. Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing. Volent, who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. Is Yales Endowment the New Tiger Management? On July 1, Paula Volent, Bowdoin's chief investments officer, will be stepping down from her position after more than two decades of service to the College. 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. The judge sided with the Freep, but the university argued that they had legitimate reasons for keeping them private. Printed by Penmor Lithographers, Lewiston, Maine. Fortress Investment Group . 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 . Total comp: considerably more than 990 filing, Some observations and a quick look at CIO vs. presidential pay, We mostly follow the industry-standard AUMs reported to NACUBO, but we depart from them in a few cases. Bowdoin College has earned a 100% for the Accountability & Finance beacon. Thats about standard for a company of this size in this industry. The Foundation and Endowment Intelligence article, citing an unnamed source, said that the College "plans to relocate the investment staffsometime in the next few months." AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. Senior Staff. Volent credits Swensen with helping develop her investing methodology and giving her the confidence to consider pursuing investing as a career and eventually working her way to the pinnacle of the field. Rather, it was the Walker Art Museum that housed her first office at the CollegeVolents first career was as a distinguished art historian and conservator, and her first job out of college was in Bowdoins museum, not its treasury. VICE PRESIDENT FOR ACADEMIC AFFAIRS. Kathy Weiler oversees market strategy, product development, brand management . Net Assets. Its all possible thanks to funding secured by the McKeen Center and the Office of Career Exploration and Development. DeGraff earned her master's and doctorate . I think that I am a better investor for my background in the liberal arts, Volent said. The Investment Office team and the Institute's Board of Trustee Investment Committee's goal is to provide increased support for the Institute's academic and research programs . The endowment grew to $1.8 billion in assets under management over the course of her tenure. She succeeds Amy Falls, who is leaving the post this spring . She exceeded even her mentor, the esteemed David Swensen, who was a close second with 11.7 percent. Skorina seeks CIO for $1.5 Billion portfolio. The financial press has called Volent one of the savviest investors in the non-profit world and a pioneer in a male-dominated field. In 2020, Volent was included in Barrons list of 100 Most Influential Women in US Finance., Beth Kowitt 07 Wins New York Press Club Award, Alex Marzano-Lesnevich and a Double Dose of Joy and Empowerment in Two New York Times Pieces, Its perhaps a sign of the times that Alex Marzano-Lesnevich has been, Purnell Tells "Brooklyn Resists" Story in Outdoor Installation, On June 19, Juneteenth, the holiday celebrating the emancipation of those who had been enslaved in this country, the outdoor installation, Do Big Bucks Bring Big Rewards? BOWDOIN MAGAZINE (ISSN: 0895-2604) is published three times a year by Bowdoin College, 4104 College Station, Brunswick, Maine, 04011. He graduated from Purdue University with a B.A. 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. or (OCIO firm) . Although Volent did not disclose the distribution of her time between the two offices, she confirmed that she will work out of both. On July 1, Paula Volent, Bowdoins chief investments officer, will be stepping down from her position after more than two decades of service to the College. In a field still dominated by men, she has been nationally recognized for her standout success. Chief Investment Officers vs. University Presidents. (Compensation as of calendar year-end 2015. Or, you can file a FOIA request. Bowdoins endowment was valued at nearly $2.5 billion at the close of the fiscal year, including approximately $33 million in gifts and other transfers that were added to the endowment. 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. In 2015 Paula Volent, Bowdoin College's chief investment officer, managed a hefty 14.4% return on the Maine liberal arts college's then- $1.4 billion endowment. Her portfolio even . We doubt if anyone is going to top it. Mills added that his interlocutor aggressively opined that he would support neither Bowdoin nor his own alma mater "because of all your misplaced and misguided diversity efforts.". A first-generation college student herself, Volent earned her undergraduate degree in art history on a scholarship from the University of New Hampshire, a passion that turned into a full-fledged career before investing was ever on her radar. Investment Officer - Sourcing and structured investments in Albania . But, we feel no such constraint. Her record in the short, medium and long term of investment returns is at the very highest of all colleges and universities of this country that has allowed our endowment to grow and the biggest piece of our endowment is dedicated to financial aid. The Office of Investments manages the combined Purdue Investment Pool (PIP) and the Purdue Investment Pool Cash (PIPC). Tulsa-based Williams processes and transports natural gas, so what followed was annoying but predictable. The contracts at the larger endowments are often custom-crafted in negotiations between employer and employee, and no two are exactly the same. The IRS requires a certain degree of granularity and, in most cases, we see items for base salary, bonus, other, and total. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . Affiliation: Office of the President. In the early 2000s, as Williams' endowment rose above the $1 billion mark, we knew our increasingly complex portfolio and expanding group of outside investment managers would eventually require full-time professional oversight. Endowments Should Abandon Alts for Passive Investments, Report Says. At the time, endowments for little schools like Bowdoin didnt have any alternatives [to invest in] like private equity or venture capital. There's not much that hasn't been long since said. So, the downward march of the comp rankings pretty closely follows the downward march of AUM on this list. And, if youre crafting a competitive offer, it certainly helps to know exactly what you have to beat. 6080 N. Sabino Shadow Lane All rights reserved. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! 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. Bryant will take the helm a little more than a year after joining Bowdoins investment office. Back Submit. (latest available public filings), California Institute of Technology (Caltech), * Rob Wallace, Stanford, start date July 2015. In our last letter we featured Vickie Fuller, retiring CIO of the $200 billion New York State Common Retirement Fund. Bowdoin College - Mid-career pay: $135,900 . Paula Volent, senior vice president for investments, wrote in an email to the Orient that the impetus for opening the office was "to attract and retain experienced professional talent for the oversight of Bowdoin's endowment portfolio.". Institutional investors operate at the crossroads of capital, talent, and ideas, shepherding over seventy trillion dollars in global assets. Students who were set to study abroad in the fall of 2021 have had a tumultuous few weeks. Paula Volent. 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. Jean's life was one of great love and devotion for her husband, David, with whom she was . The chief investment officer (CIO) usually oversees . 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. Even with a satellite office in New York, the investment office in Brunswick "will continue to be the principal office," wrote Volent. 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.. There are other explanatory factors: relative performance, geography, private vs. public, and even prestige of the school, but they are usually swamped by the size of the fund. who was hired by Bowdoin in 2000, oversees the College's $904 million endowment. By RebeccaNorden-Bright • May 14, 2021. Bowdoin College is pleased to announce that in-person events will be back this fall and the College looks forward to welcoming alumni, families, and friends for some of our most popular events and activities. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. E.g., the number for Mr. Pomeroy at Penn State is a very conservative estimate. Im going to stay very much involved with the College when I leave.. Bowdoin's investment team is collaborative, research oriented, and performance driven. If youre interested, send me your resume. Paula will help ensure that we continue to have the resources needed to fuel the world-leading research of our 70 heads of laboratory in pursuit of our mission, Science for the benefit of humanity., I have long admired the dedication and focus of the entire Rockefeller University community on conducting ambitious science that expands our knowledge of the world and has a positive impact on society, says Volent. But the incentive formula is usually confidential. Advised the Chief Investment Officer to build from scratch IFC's 7.4+ billion global, ESG . "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.". 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. They develop both short-term and long-term investment plans, recommend investments and oversee a team of staff-members who are responsible for monitoring pensions, managing assets and . Read our full privacy policy for more. The Investment Committee has oversight responsibility for the . Volent has an M.B.A. from the Yale School of Management, an M.A. Culture, This content is from: A source with knowledge of the decision, who asked to remain anonymous because they were not authorized to discuss the office, said that attracting talented financial professionals to Brunswick had been difficult, as the majority of them make their careers in New York. More From Investment Office. Report this profile Report Report. She will leave Bowdoin having brought the value of the endowment to $1.8 billion as of the end of the last fiscal year, 387 percent growth from when she started. in 2008 and earned his J.D. Corner Office. "If you use your conservation skills on . Chief Investment Officer Brown University . He will oversee the management of the Brunswick, Maine, college's $1 . Im sure I speak for my colleagues on the Board and in University leadership when I say how thrilled we are to be able to look forward to a continuation of the highest caliber of leadership with Paula Volent at the helm in the Universitys investment office., I have known Paula for almost twenty years, both professionally and personally, and I am deeply gratified that she will be coming to Rockefeller, says Scott Bessent, chair of the Investment Committee of the Board of Trustees. 30. "Investment does not occur here at Williamstown," Chilton told The Record, "and so we need to have an office at a financial capital, which in this case is Boston.". On June 30, 2020, the endowment was valued at $1.8 billion and provided $71.8 million to the annual operations of the College. Bowdoin College. Can an 'Agreement to Agree' Support Expectation Damages? But thats changed somewhat in recent years as more states adopt sunshine laws for public-employee pay generally. You are strongly encouraged to use a real name or identifier ("Class of '92"). Paula Volent, 63, the chief investment officer of Bowdoin College's endowment, sees similarities between art conservation and investment management. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Erim began his current role at the RGA as Chief Financial Officer in August 2017. He almost certainly makes more. $1,249,740. Tucson, AZ 85750 Bowdoin College Signatory to Supreme Court Amicus Brief Supporting Use of Race-Conscious Admissions Process, Bowdoin has joined with thirty-two peer institutions in an, Bowdoin College Presidential Search Committee Named. The latest discoveries delivered straight to your inbox. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. And items in the other column are not always explicable. K. Niles Bryant will become the next senior vice president and chief investment officer at Bowdoin College, where he will be responsible for managing the Colleges $1.8 billion (as of June 30, 2020) endowment, the largest portion of which is permanently restricted to the support of student financial aid. The hitch is the long time-lag more than two years before the data is publicly available. Of the total endowment distribution in 20212022, approximately $38 million supported financial aid, accounting for approximately three quarters of Bowdoins $51 million financial aid budget. 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. The average Community Reinvestment Officer salary in Abbot, ME is $78,226 as of February 27, 2023, but the range typically falls between $55,781 and $98,510. As Mills told the story, an opponent said to him mid-swing, "I would never support Bowdoinyou are a ridiculous liberal school that brings all the wrong students to campus for all the wrong reasons." Thirty-seven years ago, on Aug. 5, 1984, Joan Benoit Samuelson won the first-ever women's Olympic marathon. Niles exceptional experience and skills, his record of achievement, and his deep commitment to Bowdoins mission make him the ideal person to succeed Paula, Bowdoin President Clayton Rose said in a statement. However, Volents path to Brunswick wasnt through finance at all. Published October 05, 2022 by Bowdoin College. According to the Associated Press, Gwen Lexow, Bates director of Title IX and civil rights compliance, wrote in an email to students that said she heard members of the Bates community expressing deep concern about the impact of the language contained in the flyers and graffiti, particularly on Jewish members of our campus community. 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. Search Bowdoin College Search. If you have a friend or colleague who might be suitable, please spread the word. A Bird's-Eye View of Fall Color on Campus. Northwestern Mutual Chief Investment Officer Brent The Federal Reserve showed it can be nimble, hiking 75 percent this past week based on new data. 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. Sharon K. Basso. All investments are made through experienced investment managers with particular expertise in their markets of focus," she wrote. Our team, led by Senior Vice President and Chief Investment Officer Niles Bryant with the support and insights of our Investment Committee, did outstanding work to preserve much of the extraordinary gains we earned in the prior year, while generating substantial liquidity.
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