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Charles Skorina & Company

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We recruit Board Members, Chief Investment Officers and Senior Asset Managers
for endowments, foundations, family offices and institutional investment firms

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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

Nick Moakes, promoted to CIO at $29bn Wellcome Trust

Mr. Moakes, Managing Partner, assumes CIO role on Oct 1^st. Ex: BlackRock, NatWest, SG Warburg, Foreign and Commonwealth Office. MA, Balliol College, Oxford

Britt Harris, an Aggie comes home

From TX Teachers to UTIMCO, more pay, fewer 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

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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.

Pay and Chief Investment Officers

Last month in Part One of this report we focused on relative performance. We ranked 107 CIOs by trailing 5-year returns.

See: http://www.charlesskorina.com/?p=4828

Now, we focus on how much institutions pay these excellent people.

The bare comp numbers lead us to the tricky and perennial question of whether their pay is properly aligned to their performance (or vice-versa), and we offer some analysis and opinion from the point of view of working headhunters.

We also consider the cost of an OCIO firm relative to an in-house CIO-led investment office.

Now, on to the charts! (See full article for CIO comp charts.)

Size matters: CIO pay is consistent with research on CEO pay

In the larger corporate world CEO pay is an object of great interest and controversy for obvious reasons. But the relationship of size to compensation looks just like what we see in our set of endowment CIO data.

Kevin Hallock at Cornell University is one of the go-to experts in this field. He’s chair of their department of Labor Economics and director of their Institute for Compensation Studies. In papers with his students and colleagues he’s studied CEO pay for many years.

He says: “It doesn’t matter whether company size is measured as assets, market value, sales revenue or number of employees — bigger firms pay more … way more.”

“We can isolate the impact of all kinds of other characteristics (e.g., industry, return on assets, profitability, research and development expense, etc.) and even use complicated statistical techniques to remove the influence of “unmeasureable” characteristics, and the size-to-pay link remains intact.”

This isn’t just crony capitalists taking care of their board-room buddies, either. The same relationships are found in non-profits (e.g., endowments and foundations) and labor unions.

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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