Chief Investment Officer (#869)
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- Staff in President's Office
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Mount Holyoke College has secured Fraser Keating Associates, LLC to conduct the search for the Chief Investment Officer. Please see details below for application process and contact information.
POSITION SPECIFICATION Chief Investment Officer
ORGANIZATION Mount Holyoke College
LOCATION Boston, MA (or possibly, New York City, NY) WEBSITE www.mtholyoke.edu
The Chief Investment Officer (“CIO”) of Mount Holyoke College will be an officer of the college reporting directly to the President. The CIO will be responsible for managing the college’s endowment, valued at $780 million as of June 30, 2018 and generating about 25% of the college’s annual operating revenue.
The CIO will work closely with the Investment Committee of the Board of Trustees, setting the investment policy, investment guidelines and appropriate asset allocation framework; hiring, continuing with and terminating external investment managers; and determining appropriate benchmarks including peer groups and index benchmarks. The CIO will build relationships with exceptional traditional and alternative investment firms, and guide the management of the portfolio with the objective of achieving superior investment returns at acceptable levels of risk.
As the first CIO of the college, the CIO will develop and implement a plan for building out an investment office. Additionally, as a member of the senior leadership team, the CIO will provide advice and support on issues pertaining to the investment of endowment assets and gifts to the college.
As the oldest institution of the Seven Sisters colleges, Mount Holyoke is a private liberal arts college for women located in South Hadley, MA, about 90 miles due west of Boston. Founded in 1837 as Mount Holyoke Female Seminary, it became Mount Holyoke College in 1893. Mount Holyoke prides itself on its excellence in education, and is renowned for educating women leaders across all disciplines from the medical profession to the arts.
The college’s strategic priorities are leading with distinction, global excellence, an inclusive and collaborative community, and effectiveness and financial sustainability. Mount Holyoke’s 2,200 students are part of the Five College consortium, which includes Amherst College, Smith College, the University of Massachusetts Amherst and Hampshire College.
Historically, the endowment has been managed through external investment managers by the Investment Committee of the Board of Trustees, with the Vice President for Finance & Administration and Treasurer responsible for the investment accounting functions. The college has also relied on an external investment consultant. Today, the endowment has its assets invested in global equities (40%), fixed income (10%), marketable alternatives (25%), private equity and venture capital (15%) and real assets (10%). The portfolio has performed well, generating overall positive investment returns as of June 2018 for the respective one (9.1%), three (6.5%) and ten year (5.4%) periods. With the steady increase in assets and the complexity of the investment strategies, the Board of Trustees has decided to create the role of Chief Investment Officer and to form a dedicated investment office to be located preferably in Boston.
The CIO will report directly to the President of Mount Holyoke College. The CIO will also report to the Investment Committee on the endowment investment management. S/he will ultimately recruit and manage a small investment team. S/he will be a member of the college’s senior leadership team.
The CIO will be responsible for the oversight of the college’s approximately $780 million endowment. The CIO will work directly with the Investment Committee to review asset allocation and to implement strategic changes including additions, withdrawals, hiring and firing of external investment managers. The CIO will perform ongoing due diligence and review of the outside managers in order to ensure superior investment returns at acceptable levels of risk. S/he will advise the President, the Investment Committee and the Board of Trustees on all investment related matters. Additionally, s/he will determine the structure, staffing, requirements and long-term responsibilities of an investment office.
Specific responsibilities of the CIO will include the following:
•Ongoing monitoring of the portfolio, including researching and thoroughly understanding all investments, as well as oversight of investment managers.
• Researching new asset classes, strategies and investments for the portfolio.
• Delivering clear and well-informed investment recommendations based on thorough research and analysis.
• Organizing regular investment reports and reviews, including qualitative and quantitative studies.
• Presenting regularly scheduled comprehensive performance reports to the Investment Committee, the President and Board of Trustees.
• Establishing relationships within the global investment community to ensure access to best-in-class managers
• Cultivating relationships in the ESG/SRI community and identifying attractive investments.
• Promoting a culture of open dialogue and communication in the investment office and with the Investment Committee, encouraging active discourse and debate on investment ideas.
• Overseeing and developing an investment office staff.
• Managing successful relations between the investment office and the Finance & Administration staff and with Advancement.
• Articulating the portfolio investment strategies to various constituencies, including the Investment Committee, the President of the College, the Board of Trustees, the VP Finance & Administration and other key constituents.
• Developing strategy for investing in each asset class, taking into account objectives, investment styles, probable return and volatility, cost, liquidity and other factors within a total portfolio context.
• Overseeing relationships and negotiations with external investment managers and consultants.
• Keeping abreast of industry issues, products and standards; utilizing industry resources such as the trade press, conferences and research.
• Implementing best operational and risk management practices.
The CIO will have at least 15 years of investment experience managing /advising on institutional assets. The successful candidate’s background will include serving in an investment management role with an endowment, foundation, family office, outsourced CIO entity, corporate or public pension plan, and/or an investment consulting firm. As such, s/he will have a deep knowledge of all asset classes. Prior experience in alternative investments and private equity investing is required. Other qualifications will include:
• Experience in the management of external money managers including evaluation of investment manager capability, style, return and risk characteristics, and broad portfolio fit.
• Strong analytical skills; understanding of quantitative factors and processes, especially as it pertains to manager evaluation; ability to support and challenge investment ideas with rigorous and insightful analysis.
• Understanding of critical macro-economic issues that could affect MHC’s invested assets. • Well-honed investment instincts and a thoughtful, disciplined approach to investing.
• Ability to establish a positive working relationship with the senior leadership of the college, Investment Committee and the Board of Trustees, external investment managers and service providers.
• Experience in the effective management of staff that promotes teamwork, productivity and thought leadership.
• A track record of results; a solid reputation for meeting his/her commitments.
The CIO will possess the following personal characteristics:
• Trustworthy and discreet with the highest integrity, both personally and professionally; unblemished reputation.
• Resourcefulness, creativity and initiative in developing and executing a complex investment program, and flexibility to adapt to change.
• Understanding and appreciation of the mission and values of an educational, notfor-profit women’s college and the importance of the endowment in helping the college accomplish its mission.
• Strong leadership and interpersonal skills that combine assertiveness, diplomacy and collaboration; active listening skills.
• Excellent written and oral communication skills; an ability to articulate effectively a complex investment program to varied audiences.
A bachelor’s degree is required. An MBA or equivalent advanced degree and a CFA designation are strongly preferred.
Mount Holyoke College is committed to enriching the educational experience it offers through the diversity of its faculty, administration and staff members. MHC seeks to recruit and support a broadly diverse team who will contribute to the college’s excellence, diversity of viewpoints and experiences, and relevance in a global society. In furtherance of institutional excellence, the college encourages applications from individuals from underrepresented groups, including faculty, staff and administration of color, diverse gender identities, first generation college students and individuals who have followed non-traditional pathways to college, and individuals with a demonstrated leadership commitment to including diverse backgrounds and perspectives.
An attractive compensation package will be provided, including a competitive base salary and a bonus incentive plan based on agreed upon goals and benchmarks.
Interested candidates should submit their qualifications to:
Fraser Keating Associates, LLC
230 Park Avenue – Third Floor West
New York, NY 10169
Anne F. Keating
Mount Holyoke College is an Equal Opportunity Employer.
Mount Holyoke College is committed to enriching the educational experience it offers through the diversity of its faculty, administration, and staff members. Mount Holyoke seeks to recruit and support a broadly diverse team who will contribute to the college's excellence, diversity of viewpoints and experiences, and relevance in a global society. In furtherance of institutional excellence, the College encourages applications from individuals from underrepresented groups, including faculty, staff, and administration of color, diverse gender identities, first generation college students and individuals who have followed non-traditional pathways to college, and individuals with a demonstrated leadership commitment to including diverse backgrounds and perspectives.