Kenneth Shimberg, Brown UniversityMercer has
appointed Kenneth Shimberg as its inaugural chief for endowment and foundation (E&F) outsourced-CIO (CIO) services.
Shimberg, who has been investing for Brown University’s $3 billion endowment since 2001, will begin his new post on May 4. He will be based in Boston, Mercer said, and will report to Stan Mavromates, CIO for the Americas business.
In addition to his position as CIO of the E&F outsourcing business, Shimberg will serve as chair of the investment committee focused on developing strategy and tactics for nonprofit portfolios.
“As our E&F business continues to grow, we felt creating this role for Ken would enhance the level of service we bring to our client base,” Mavromates said.
According to CIO’s 2015 OCIO Buyer’s Guide, Mercer had 809 clients and more than $100 billion in total assets under discretionary management as of September 30, 2014. Of these, $4.58 billion belonged to endowments and foundations.
Shimberg will also guide the firm’s nonprofit client base, “using his insights and substantial investment experience to continually improve Mercer’s ability to reach successful outcomes for these organizations,” the firm said.
During his nearly 14-year tenure as Brown’s managing director, Shimberg was tapped as interim CIO from October 2012 to June 2013.
He previously worked at the Princeton University Investment Company as a principal. Shimberg also spent time at real estate consulting firm Nassau Capital building private equity portfolios and at JP Morgan in the structured financial group.
“With nearly 20 years working and leading in a university investment office, Ken brings the skills and intense knowledge necessary to address the challenges faced by endowments, foundations, and other not-for-profit investors,” said Kim Wood, Mercer’s national practice leader for nonprofit clients.
Shimberg has a bachelor’s degree in management science from the Massachusetts Institute of Technology.
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