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Kelsey Morgan
Deputy CIO at Dartmouth College Investment Office
From the May 2018 Most Wanted Allocators First Team
For many, the role of chief investment officer at an elite institution is the end goal of a career on the allocating side of the financial industry. It means leading a team of investors, allocating a portfolio worth billions, and serving a meaningful mission (with a solid paycheck, too).
Nice work if you can get it.
Who are the investors coveted for these treasured CIO roles? When recruiters dream of their ultimate long list, who’s on it?亚博赞助欧冠asked them. What follows is the top 25 institutional allocators that recruiters most want for CIO jobs and who don’t yet have them.
The top talent brokers helpedII’s editors design a formula to quantify desirability and score candidates, according to what they think matters in a first-time CIO.
Portfolio Management 50%
- Investment track record: 25%*
- Exposure to complex investments and asset classes: 15%
- Manager relations and access: 10%
Non-Portfolio Management 50%
- 管理and leadership skills: 20%
- Communication, interpersonal skills, and board interaction experience: 20%
- Reputation of employer: 10%
With these criteria in hand,IIeditors collected, vetted, and scored reams of recommendations, sourced primarily from the leading recruiters on three continents, but also from asset managers, consultants, and CIOs themselves. When more than one investor received the same total score, ties were broken by subtracting grades for investment track record and employer reputation — the two criteria most dependent on the quality of an individual’s organization.
Crucially, this lists recruiters’ fantasy draft picks, not free agents — to an extent: Allocators assumed to be unmovable (Yale’s Dean Takahashi, say) were ignored; so were individuals with no previous allocating experience. Otherwise, any institutional allocator worldwide, regardless of age or fund size, was fair game. Some may have decided long ago to remain pure investors, and that the work of coddling board members, managing scandals, and debating salaries wasn’t for them. To those who see members of their staff listed, congratulations! Take this is as a testament to your ability to develop talent — and an annual market valuation of it.
Welcome toII’s inaugural Most Wanted Allocators: First Team, ranked 1 through 25. TheSecond Team(26 to 50) can be foundhere.
Comments, complaints, candidates for next year?Let us know.
*当一个人的投资组合历史记录未知时，他们在过去十年中工作的机构的历史记录会受到很大的重视。
1Donna Snider
Total Score: 87/100
One of the highest paid employees at Kresge, Snider’s compensation — nearly $635,000 in 2016 — “speaks for itself.” The former actuary is a “specialist at very complex asset classes” and a “highly effective” communicator. Her employer, in turn, is a foundation known for its “progressive” investments. Recommended by nearly every person consulted for this list, Snider is a “strong No. 2 who will be a CIO somewhere.”
2Scott Taylor
Total Score: 86/100
美国招聘人员和加拿大同行都认为首席信息官是泰勒的未来。”他只是一台机器。他负责管理外部经理项目，这是一个相当重要的投资组合——“当你控制价值940亿加元（730亿美元）的分配时，这是一种轻描淡写的说法。”他有大约30或40人离开多伦多，他们只是胡闹，”一位内部人士说。泰勒和他在伦敦的亲密对手亚历山德韦勒“真的很适合。我认为亚历克更有创造力。”
3Tanya Carmichael
Total Score: 85/100
“难以置信的强大领导能力，”一位招聘人员盛赞道。Carmichael在香港、伦敦和多伦多母舰上投资了大约15名投资人才，所有人都在寻找直接投资和共同投资，主要是“私募股权投资重点”。在安大略省以外的教师——从某种程度上说，她是世界上表现最好的养老基金——她与投资者群体打交道，并担任机构有限合伙人协会（Institutional Limited Partners Association，ILPA）主席。
4Timothy Dolezal
Total Score: 84/100
Notre Dame “born and bred,” Dolezal is often viewed as CIO Scott Malpass’s “heir apparent,” though recruiters note that the young-for-his-tenure Malpass is “not retiring any time soon.” Still, they say Dolezal — with his great people skills and technical experience — is “going to be a CIO somewhere.”
5Ed Cass
Total Score: 83/100
Cass “could be the CEO of any fund in the world, let alone the CIO,” one industry insider says. “Not that it looks like he’s having any fun. He’s a bit like Eeyore, a contrarian.” Cass took over the real assets arm to fill a need for solid leadership, adding yet another CPPIB division to the list of groups he’s run. The question about Cass is not whether he’s wanted as a CIO — he is — but rather if he wants to be one.
6Barbara Zvan
Total Score: 82/100
据招聘人员介绍，Zvan“经验丰富，非常聪明，甚至有胆识”——这是一家机构在其风险主管中所希望的所有特质，也是最难填补的职位之一。Zvan的双重风险/战略授权是罕见的，而负责的投资主管的加入使她的工作独一无二。她是国际养老金管理中心（International Center for Pension Management）的主席，曾在多伦多大学商学院任教，并为该省的养老金政策提供咨询。”她可能是任何养老基金的“建筑师”。
7Thomas Woodbury
Total Score: 81/100
A top recruiter pick for filling a CIO role, Woodbury is “a star.” With a “sizeable team for an endowment,” the Wharton grad is “super polished.” Those in the know say Woodbury has a similar skill set to ex-colleague David Harkins, who got picked off in 2015 to lead the University of California San Francisco Foundation. Woodbury, now heading absolute return strategies at U. Penn, started out in equity research, giving him security-level experience.
8Kathryn Graham
Total Score: 80/100
格雷厄姆是美国军舰（USS）的“第二号人物”，他在业内“很有名气”，从管理对冲基金到带头设计新的固定缴款计划，他做了很多事情。如果她有一个弱点，那就是她与外部经理的关系——作为战略协调主管，她不直接参与经理的选择。
9罗伯特·科克
Total Score: 80/100
Coke reportedly trained as a Catholic priest before realizing it wasn’t for him. The church’s loss was the Wellcome Trust’s gain — over the last 19 years Coke has been “very, very active” in building out the preeminent foundation’s alternatives program. Recruiters question why Coke, who hasn’t yet run a “fully-fledged team,” hasn’t moved into a more senior role — but in the tight European endowment and foundation world, there are “not too many seats for him to go to.”
10Monica Lai
Total Score: 79/100
Lai is a “quiet star” with a “varied background” including roles in private equity and Pfizer’s corporate pension. Now at the Sloan Foundation, she “has huge responsibilities” in manager selection and due diligence — resulting in a high complexity score. Recruiters speak highly of her personality, leadership, and experience dealing with board members, the result of her “rich career history.”
11Kelsey Morgan
Total Score: 79/100
The market is “just waiting” for Morgan to be a CIO, and he’d be a “very good pick.” He is “a little bit on the young side,” but “pretty polished — a double degree from Dartmouth helps,” as does a two-year stint at Michael Bloomberg’s family office. But as one recruiter warns, “it’s much harder to get the CIO role after you’ve been passed over,” which Morgan reportedly was when Alice Ruth took over from Pamela Peedin in 2017. “A little pause for thought there — but just a little.”
12爱德华范盖德伦
Total Score: 78/100
UC scored a “major coup” last year in attracting van Gelderen, the “world-class” CEO of APG Asset Management. As the former head of a “top-tier” Dutch fund responsible for nearly $500 billion, van Gelderen has serious board chops, as well as skill in balancing professional investing with public accountability. But UC’s “all-star” team has suffered notable exits of late, knocking a point off van Gelderen’s fund reputation score and piquing headhunter interest in those remaining.
13Jack Edmondson
Total Score: 78/100
Although Oxford’s endowment is “quite small” at £3 billion (US$4 billion), it is a “globally sophisticated platform” — setting up Edmondson as a “CIO of the future.” The deputy chief spent five years at a private equity firm before joining Oxford, and continues to have a “strong alts focus.” As a graduate of Oxford’s business school, however, recruiters believe Edmondson will wait for the “right CIO position” before leaving his alma mater.
14Ingrid van Sundert
Total Score: 77/100
After almost 20 years at APG, van Sundert is “highly regarded” both internally and externally. Now running all of the Dutch fund’s manager selection, she started out in real estate before moving on to debt and equities, giving her high marks in portfolio management. At such a large organization, however, she’s had less experience dealing with boards than others on this list.
15Alistair Barker
Total Score: 76/100
“LEGIT,” as one recommender says. Barker has a prime pre-CIO role at Australia’s largest retirement fund, which is arguably the world’s best overall system. He’s been “on the radar” for a long time, “making a name for himself” that’s grown with AusSuper over the past decade. He’s praised as a “fantastic mentor,” strong public speaker, and “deep portfolio-wide thinker,” despite his relative youth. There’s “lots of talent — and money — in the Aussie market.”
16John Barker
Total Score: 76/100
知情人士表示,有两个强大的代表在长袍rt Manilla’s team: Donna Snider is one, Barker the other. Although still “a bit young,” Barker is “very polished” and “pretty seasoned.” After graduating from Notre Dame, Barker was hired by the university’s CIO, Scott Malpass, and stayed at the endowment for nearly five years. Recruiters think he’s now “sitting it out” at Kresge in hopes of succeeding Manilla.
17Sarah Samuels&Greg Turk（领带）
Sarah Samuels’ Total Score: 75/100
这位前惠灵顿管理层和马萨诸塞州养老金“明星”在2017年跳槽到惠勒斯利基金会。她被许多外人视为“等待中的首席信息官”，在一家庞大的国家养老金公司担任副首席信息官的经历给了她“领导和投资组合”的经验，同时由于首席信息官迈克尔·托洛茨基（Michael Trotsky）在指导人才方面的公认技能，“可能接触到高级利益相关者”。一位招聘人员的问题很简单：“她会离开韦尔斯利吗？我不知道。”
Greg Turk’s Total Score: 75/100
Although perhaps less “Northeastern polished” than others on this list, Turk is “super disciplined” and “very, very bright.” This “folksy” Midwesterner with an “analytical bent” is skilled across asset classes — and insiders say his people skills are equally good. “Super composed” during even conflict-ridden board meetings, Turk “doesn’t talk a lot… the mark of someone thoughtful.”
19Jay Kang
Total Score: 75/100
This Yale endowment alum is “ready to go” skills-wise for a CIO job. With a “good reputation” and “good pedigree” from years at the Hilton Foundation, Kang is “certainly” strong from a technical standpoint. But working at Stanford — with its “very challenging” board — the question mark for Kang is how he will deal with a new investment committee.
20Christy Richardson
Total Score: 75/100
在硅谷的心脏,“大规模但under-the-radar” Hewlett Foundation pulls down “some of the best” returns in the business. CIO Ana Marshall “does a lot” as chief, including dealing with the “board, politics,” etc. — which lets her lean team grind at investing. “Hewlett doesn’t have a Yale-style leadership machine” to tutor Richardson on board wooing. But it does have an alpha machine, anchored by “supremely talented venture directors” — Richardson included.
21Rich Hall
Total Score: 74/100
Having “done his time” at the messy Harvard Management Company, Hall returned to Texas and UTIMCO in early 2018 to reunite with former boss Britt Harris. That Harris, newly implanted at UTIMCO after a successful career at Texas Teachers, would so quickly get Hall back “speaks volumes — it’s basically all you need to know.” Look for Hall to either “succeed Harris, when the time is right, or be lured away to run his own non-profit portfolio.”
22Stephen Gilmore和Ed Hetherington（并列）
Stephen Gilmore’s Total Score: 74/100
3月未来基金重组,消除the chief strategist role in favor of two deputy CIO positions. Gilmore — with his “broader, top-down investment style” and “deep fixed-income background” — was the shake-up’s biggest casualty. Although a free agent for now, the “incredibly intellectual, incredibly strong” Gilmore is unlikely to stay on the market for long, recruiters say.
Ed Hetherington’s Total Score: 74/100
这位UPS养老金的校友有着“广泛的经验，现在他已经进入了捐赠方面的业务”。优势包括“强有力的”管理者关系——“对于首席信息官的职位来说，候选人总是很重要的”，以及“非常敏锐、富有吸引力的个性”。有人说他“被考虑担任过一些领导职位”，但到目前为止，“在北卡罗来纳大学很满足。”
24Jane Dietze
Total Score: 73/100
Dietze — with a resume that includes Fortress Investment Group and venture firms NextPoint Partners and Columbia Capital — comes highly recommended by most recruiters. She began working at endowments in 2012, when she joined Bowdoin College as director of private equity. Now the second-in-command at Brown, Dietze also serves on the investment committee of the U.S. Soccer Federation.
25Elise McDonald
Total Score: 73/100
A “very good investor,” McDonald oversaw absolute return investments, then portfolio strategy, before taking on a generalist role under HMC’s latest CEO Narv Narvekar. The formerly “dysfunctional” environment at Harvard meant a lack of “proper mentorship” for McDonald in the past, but under Narvekar she’s getting “good exposure and breadth.”