President Kim Cassidy and the Board of Trustees deserve credit for that bold vision. Volent went back for her Masters degree in art conservatorship at NYU and then went west, working at the L.A. County Museum of Art and San Franciscos Palace of Fine Arts as a paper conservator before starting her own private art conservation business outside of Los Angeles. Before embarking on her career in investment management, Volent worked as an art conservator specializing in the conservation of art on paper. Bowdoin College Apr 2012 - Nov 2013 1 year 8 months. Back Submit. Volent will succeed Amy Falls, Rockefellers current vice president and chief investment officer, who was named vice president and chief investment officer for Northwestern University in February. Vice President of Campus Planning and. Were not going to do any deep mathematical analysis here, but certain patterns are pretty obvious. 3.3.2023. 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. This kind of bennie has long been typical for school presidents, but its becoming more common for senior administrators. A Bowdoin spokesperson declined to comment on where Volent is headed next or who her replacement will be. Leadership Maine is a powerful, nine month, outward journey that takes a leader beyond their day-to-day experience and expands their capacity to shape our state's future. Governance; Administration; President Clayton Rose; Selected Speeches and Writings; Past Presidents ; Student Office Hours; 255 Maine Street Brunswick . Four Bowdoin students are working in municipal government this summer in the nearby town of Topsham. (In three volumes) Volume I. If she now has a chance to be properly compensated by helping to manage an $8 billion energy company, then more power to her. Beth Kowitt 07 Wins New York Press Club Award. I look forward to working with Niles over the next four months to facilitate a smooth leadership transition.. Affiliation: Office of the President. 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. Compensation is a delicate issue; but recruiters need to keep track of it. Most of it is publicly available, anyway; as long as youre willing to scrounge for it. About half the schools in the $500 million $1 billion range also have a dedicated CIO or equivalent, but they are omitted here, however well paid they may have been. When Volent took on her position in the summer of 2000, Bowdoins endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. A Bird's-Eye View of Fall Color on Campus. On August 15, Volent will be moving on to her new role as chief investments officer at Rockefeller University, a graduate research institution in New York City. As a member of Bowdoins senior leadership team, Bryant will report to Rose. . Sharon K. Basso. 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. 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. The College is launching a podcast series, tapping into the reservoir of talent contained in the Bowdoin community. 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. She has almost 19 years on the job and her comp reflects how badly her board would like to keep her. 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. This is typical compensation for a manager of an educational endowment the size of Bowdoin's, and it reflects the strong returns Volent has achieved in recent years. 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.. Chief Investment Officer - CIO: A chief investment officer is an executive position responsible for managing a company's investment portfolios. And, even when public-school CIO comp is published, it cant always be trusted. When she first started in 2000, the investments office position was barely recognizable from its current incarnationin fact, it was largely a one-woman job. 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. - Conducted research . Ernst & Young Systems and process consulting 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. The Investment Office oversees the Institute's investment-management activities, managing over $4.6 billion of endowment, trust and other assets, including real estate. BOWDOIN COLLEGE BRUNSWICK, ME 04011-8445 | Tax-exempt since June 1935. But, we feel no such constraint. from the University of New Hampshire. Catch up on the latest reports, stories and opinions about Bowdoin and Brunswick in your inbox. I have great confidence that the Bowdoin endowment will be in the very best of hands going forward. We need a senior investment officer with experience at a top-tier asset owner such as an insurer, health system, endowment, foundation, pension fund, family office, or institutional asset manager. Presidents get perks like first-class air travel, chauffeurs, club memberships for themselves and their spouses, etc. The New York office will ostensibly aid Volent's management of the endowment in several ways. And, we see no reason why we shouldnt share some of that bounty with our readers. If you have a good one (and Mr. Lundberg is very good), theres always anxiety that someone with deeper pockets will whisk him or her away. Rockefellers research-oriented, biochem-heavy institutional values will present new opportunities for Volent. AND DEAN OF THE FACULTY AND BOSWELL PROFESSOR OF ECONOMICS. The reader should also be warned that pay for a given year, while accurate, is not always typical for that CIO. Bowdoins endowment consists of more than 1,700 individual funds earmarked for the perpetual support of a variety of College initiatives. Download pdf of bio. For FY 2018 shes turned in the best performance weve seen reported so far, a 1-year return of 15.7 percent. Our top earner Mr. Malpass at Notre Dame is deservedly well-paid and isnt going anywhere. He then went on to earn a PhD in biology at Syracuse University in 1976 and a JD from Columbia University in 1979, where he was a Harlan Fiske Stone Scholar. Jean's life was one of great love and devotion for her husband, David, with whom she was . As of June 30, 2020, the three-, five-, and ten-year annualized returns for Bowdoins endowment were 10.7 percent, 8.5 percent, and 11.6 percent, respectivelyall in the top fifth percentile among comparative college and university annualized returns, where the respective median returns were 5.2 percent, 5.0 percent, and 7.4 percent. Bowdoin ranks only 69th by AUM (FY2017), but 10th by CIO compensation in 2015. Bowdoin's investment team is collaborative, research oriented, and performance driven. 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. Bryant will take the helm a little more than a year after joining Bowdoins investment office. 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. (See our complete compensation chart just below.). Net Assets. Paula is a proven leader not only in terms of producing investment results but also as a mission-driven member of the senior executive team.. 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. The endowment grew to $1.8 billion in assets under management over the course of her tenure. We doubt if anyone is going to top it. 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. Clever college administrators have sometimes found (or constructed) loopholes in those sunshine laws which let them conceal part of the CIO pay-package. University of Chicago, MBA, Finance 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 . In a 2007 article published in The Williams Record, Chilton cited greater access to investors as the principal reason for the move. Volent flies frequently to meet with investment mangers across the country, so a New York location should make traveling easier for her. Volent joins Rockefeller after two decades as chief investment officer for Bowdoin College, where she oversaw an endowment that grew from $465 million to $1.8 billion during her tenure. Her 5-year return as of FY2017 was the highest of any major endowment at 11.9 percent. It has been a great honor to oversee Bowdoins endowment, said Volent. Tucson, AZ 85750 All rights reserved. Alice A. Ruth '83 (Photo courtesy of Alice A. Ruth '83) Highly regarded and experienced investment manager Alice A. Ruth '83 has been named Dartmouth's chief investment officer, the College announced today. Base salaries for presidents and CIOs at major schools may not be very different, but the big performance bonuses paid to the CIO can leave him or her making two or three times the presidents total. 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. 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. Salary ranges can vary widely depending on many important factors, including education , certifications, additional skills, the number of years you have spent in your profession. Paula Volent. Forty-nine percent of Bowdoins first-year class receives need-based financial aid, a percentage that continues to grow. 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. 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. She will join the . The speech was well-received, and the school year proceeded. 1K followers 500+ connections. Summer research assistant in the Department of Botany at the National Museum of Natural History. A native of Warwick, Rhode Island, Mills graduated cum laude with a double major in biochemistry and government from Bowdoin College in 1972. Niles has over 20 years of experience in the investment industry.
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