The California Institute of Technology is hiring a CIO to manage the university’s $4.6 billion endowment, according to a job posting from the university. Scott Richland, the current CIO, will step down in December after 14 years in the position. Richland his departure in April.
Reporting to Caltech’s president and the board of trustees, the new CIO will be responsible for overseeing the management of Caltech’s endowment and executing the fund’s short- and long-term strategy.
Requirements for the position include:
- At least 10 years of investment management experience;
- Ability to grasp and articulate Caltech’s investment philosophy;
- A demonstrable track record of achieving exceptional investment results; and
- Positive and high-impact management of a large, complex and diverse endowment and life income program.
The salary for the Pasadena, California-based position is listed as ranging from $650,000 through $800,000 per year before bonuses.
At the end of the university’s 2023 fiscal year, September 30, 2023, the endowment allocated 26% of its assets to alternatives securities, 25% to global developed market equities, 25% to private equity and venture capital, 13% to real assets, 7% to emerging market equities and 1% to global fixed income.
In fiscal 2023, the endowment accounted for 21%, or $187.2 million, of Caltech’s operating budget, of which 37% went to research, 24% went to student aid and fellowships, 22% went to endowed chairs, 9% went to general support and 7% went to instruction and academic support.
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Tags: California, California Institute of Technology, CalTech, CIO, Endowments, Scott Richland
