NewYork-Presbyterian Names Anne Dinneen as CIO and Senior Vice President

Anne Dinneen

NewYork-Presbyterian Hospital is hiring Anne Dinneen to be its new CIO and senior vice president. Dinneen will be in charge of managing the hospital’s $13 billion investment portfolio.

Dinneen is coming from Hamilton College, where she served as the endowment’s CIO for seven years. She was one of the youngest CIOs in the endowment arena, managing $1.5 billion and consistently maintaining a top-quartile performance.

While at Hamilton, she made some significant changes to the portfolio’s structure. She made public equities 45% of the portfolio compared to their previous allocation of 70%. She repositioned Hamilton’s portfolio to include more alternatives. She built out an in-house private equity team that focused on both lower and mid-market private equity and venture capital.

In 2018, Dinneen won CIO magazine’s award for best endowment CIO. That year, the endowment returned 10.4%, which was significantly higher than the top-quartile college and university endowment performance for that year of 9.4%, according to Cambridge Associates data.

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Dinneen will take over on May 2.

“I’m thrilled to be joining NewYork-Presbyterian,” said Dinneen in a statement. “It’s an honor to support an institution so committed to the health and well-being of the communities it serves. I look forward to overseeing the endowment and stewarding resources that will further enhance the high-quality care NewYork-Presbyterian provides to its patients,” said Dinneen.

Prior to her time at Hamilton College, Dinneen worked for the James Irvine Foundation as its director of investments. She has an undergraduate degree in economics from Princeton and an MBA from Wharton.

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Tags: Anne Dinneen, Hamilton College, IIAW, NewYork-Presbyterian

The Dutch government has submitted draft legislation to reform its $1.9 trillion pension system that would phase out all defined benefit pension plans and replace them with defined contribution plans. [Source]

The proposal comes after years of declining interest rates and increasing life expectancies have put enormous stress on the retirement system, leading to higher costs and lower pension benefits. A rise in self-employment and other forms of flexible labor has also led to fewer people participating in the Dutch pension market.

The bill introduces two new types of defined contribution plans that, unlike existing DC plans, do not have age-related pension contributions but a flat-rate contribution capped at 30% of the pensionable base. If the bill passes the Dutch House of Representatives and Senate, the law will take effect on Jan. 1, 2023, with a transition deadline of Jan. 1, 2027.

Under the proposed reform, all new pension accruals would be based on flat contribution rates unrelated to age, but existing DC or insured DB plans could provide future DC contributions that increase with the employee’s age, albeit only for employees who are working at the time of the transition. And existing DB pension rights in pension funds would be convertible into the new DC arrangements, even for inactive plan members and retirees. For older workers, future pension accruals could be lower than those based on the current age-related rate, in which case employers and employees would have to agree on a transition plan that included compensation for employees who earn lower pension accruals under the new regulations. [Source]

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Timing the transfer to the new system within the four-year window that closes in 2027 would also be up to employers. According to a WTW survey, more than half of employers with DB or collective DC plans said they expect to convert their pensions to DC plans by 2025 or earlier.

According to international law firm Eversheds Sutherland, approximately 70% of all employees in the Netherlands participate in a DB plan, and according to BNY Mellon, citing data from the Thinking Ahead Institute, approximately 94% of Dutch domestic pension plan participants’ assets are in DB plans. That is compared with 61% in Canada and 36% in the U.S. [Source]