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Charles Skorina & Company

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Advising Boards and Leaders of Institutional Asset Managers

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President & Chief Investment Officer: Large multi-asset manager, western U.S.

Director Private Markets: Casey Family Programs, $2.3bn Fdn, NYC/Seattle

Contact : http://www.charlesskorina.com/?cat=1

Britt Harris, Steps Down to Step Up

From TX Teachers to UTIMCO, more pay, less assets, worth every penny

Mr. Harris, one of the country’s top investment managers caps his career with a move from $140bn Texas Teacher Retirement System to $40bn University of Texas Investment Management Co. Starts Aug 1^st. Ex Bridgewater, ex Verizon, ex ABB and TX Utilities. BA, Texas A&M

Kathleen Browne, new CIO at Denison University

Ms Browne will take charge of $800k endowment in summer 2017. x MD Wellesley endowment, x dir alternatives Alcatel-Lucent, MBA MIT, JD Boston College, BSEE Union College

Alice A. Ruth, joins Dartmouth as CIO

Ms. Ruth will manage the $4.5bn endowment from the Boston investment office. x Willett and Quadrangle (Bloomberg), x Moore Fdn, x Montgomery Securities. AB, Dartmouth ‘83

Jason T. Perlioni, new CIO at Johns Hopkins University

Mr. Perlioni will manage JHU & Hospital’s $6bn fund after 10 yrs at Pritzker Group AM. MBA, U Chicago, BS chem eng, Rice U.

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SKORINA IN THE NEWS

1-26-17 Harvard Crimson: Harvard Management Company to Lay Off Half Its Staff

http://www.thecrimson.com/article/2017/1/26/hmc-layoff-staff/

1-26-17 Boston Globe: MIT’s endowment posts fourth-best returns

https://www.bostonglobe.com/business/2017/01/26/mit-endowment-posts-fourth-best-returns/YErvAo2hVqwCSBR5wH1AFO/story.html

1-25-17 The New York Times: Harvard Makes Changes in Managing a Lagging Endowment

https://www.nytimes.com/2017/01/25/business/harvard-endowment-management-changes.html

1-25-17 Financial Times: Harvard’s $36bn endowment to hire external managers

https://www.ft.com/content/64711864-e32d-11e6-8405-9e5580d6e5fb

12-14-16 Washington Post: A sure sign you should ditch your money manager

https://www.washingtonpost.com/news/business/wp/2016/12/14/a-sure-sign-you-should-ditch-your-money-manager/

Britt Harris and the rise of the Aggies

Thomas "Britt" Harris is a highly-respected investment manager around the world. But, more importantly, he is a highly-respected investment manager in Texas. More important, still, he's an Aggie. And, now he's been named CEO and CIO of UTIMCO effective August 1st.

Aggies are graduates of Texas Agricultural and Mechanical University. They form a proud, but slightly aggrieved subtribe among Texans. But, at UTIMCO, their stock seems to be soaring.

The nine-member UTIMCO board traditionally includes three appointees of the University of Texas System, but only two from Texas A&M System which has always rankled the folks from College Station.

See: Texas turmoil: UTIMCO reboots, http://www.charlesskorina.com/?p=4520

Last month, UT Chancellor McRaven, who had held an ex officio seat, graciously stepped down so that the Aggies could name another board member. This month, they named Janet Handley to that seat. Ms. Handley just retired as chief investment officer at the Texas A&M Foundation. She's a very nice lady, and the performance of her fund is chronicled in our upcoming Top 100 CIOs report. More important, she graduated summa cum laude from Texas A&M in 1975.

Then the UTIMCO board voted to rename their organization, which is now officially the University of Texas/Texas A&M Investment Management Co. That's a bit ungainly, so the Aggies conceded that they could still call themselves UTIMCO. That's a relief to us, because that other thing won't fit in our charts.

For the Aggies, having one of their own in the top spot is just icing on the cake. (They're also pleased that ex-Governor Rick Perry, still another Aggie, is now U.S. Secretary of Energy.)

Oh, and by the way, the Aggies would want you to know that the Texas TRS retirement system under Mr. Harris has outperformed UTIMCO under ex-CEO/CIO Bruce Zimmerman.

Although Mr. Zimmerman is technically a Texan, he went to Harvard, which should speak for itself.

The 100+ Top Guns of institutional investing

This letter looks at the most recent five-year performance of over one hundred of the world's best institutional investors.

Endowment chief investment officers have an infinite investment horizon, a global playing field, and can invest in anything anywhere - within the broad policy limits set by their institution. They are the top guns of the institutional investment world.

We recruit these investment heads for endowments, foundations, family offices and institutional investment firms. And, we (and many others) regard the CIOs at major American universities as the best of the best.

A CIO candidate may have a sterling character, a stunning intellect, and a winning smile. Those things do count. But will he or she make money for our clients? Recruiting a high-profile executive is a complex process, but it starts with objective measurements.

The National Association of College and University Business Officers (NACUBO) and Commonfund publish tables which are the semi-official source for data on endowments. We all appreciate their work. But, they don't disclose all of their data. And, what they omit is sometimes what's most useful to us as recruiters; or, for that matter, to board members, Wall Street executives, and family-office heads.

This is our first SEER report: Skorina's Enhanced Endowment Report. The enhancements are the names and returns of individual CIOs (or OCIOs), data which are not readily available elsewhere. And, it's all tidily tabulated for your viewing pleasure. This is how endowment investors performed, both absolutely and relative to their peers, over an eventful half-decade.

We compile this information internally to help us as recruiters, and we think it will be useful to boards, trustees, CEOs and all our readers.

And, if you need further information, or help with hiring decisions, please call on us anytime.

We also untangle the organizational structures to help us get a better fix on how they affect performance. Foundations, OCIOs and institutionally-sponsored investment-management companies are detailed.

Now, on with the show:

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.

Mr. Skorina also publishes THE SKORINA LETTER, a widely-read professional publication providing news, research and analysis on institutional asset managers and tax-exempt funds.

Our Practice:

• We recruit Board Members and Executive Officers, Chief Investment Officers and Senior Asset Managers.

• Our research and analytics are backed by over thirty years of hands-on recruiting experience and an unrivaled personal network.

• We collect performance, compensation, and background data on most senior institutional investment professionals in the U.S. and the funds they manage. We analyze that data to construct profiles of those managers and their funds, identify best-in-class people, and map their career trajectories.

• We share our research and insights in a widely-read professional newsletter – THE SKORINA LETTER – and website – www.charlesskorina.com.

• The New York Times, Wall Street Journal, Bloomberg, Thompson Reuters, Financial Times (Fundfire), Institutional Investor, Pensions & Investments, Private Equity International, and the institutional investment community use our research and analysis. Skorina has been interviewed on chief investment officer compensation issues on Bloomberg TV.

• Our work is regularly re-printed in Allaboutalpha.com and other industry magazines, blogs, and third- party web postings.

• We focus specifically and effectively on the world we know: Board members and Executive Officers, Chief Investment Officers, and Senior Asset Managers at institutional investment firms and funds – including sovereign wealth funds, endowments, foundations, pension funds, banks, investment banks, outsourced chief investment officer firms (OCIO), and sell-side money managers.

Prior to founding CASCo, Mr. Skorina worked for JP MorganChase in New York City and Chicago and for Ernst & Young in Washington, D.C.

Mr. Skorina graduated from Culver Academies, attended Michigan State University and The Middlebury Institute of International Studies at Monterey where he graduated with a BA, and earned a MBA in Finance from the University of Chicago. He served in the US Army as a Russian Linguist stationed in Japan.

Charles A. Skorina & Co. is based in San Francisco.

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