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Scott Seidle, Assistant Treasurer, Purdue UniversityPurdue University has promoted its first-ever CIO Scott Seidle to assistant treasurer, giving him oversight of finance and accounting in addition to investments.
The Lafayette, Indiana-based university nabbed the state pension fund’s CIO David Cooper to take over as investment head. Cooper will report to his newly promoted predecessor, Seidle told CIO.
As vice president of finance and investments, Seidle said he will continue to oversee Purdue’s $2.5 billion endowment and $1.5 billion cash operating pool, in addition to his new responsibilities.
Purdue hired Seidle in 2005 to build its endowment into a diversified and modern portfolio. Over the last decade, the inaugural CIO diversified into hedge funds, private equity, natural resources, and venture capital. These asset classes represented 43% of the endowment’s value as of June 30, 2014.
He also established a full-time investment office for managing the university’s cash and endowed assets.
Under Seidle’s leadership, the endowment grew by more than $1 billion, returning an annualized 7.7% over the 10 years ending last June.
“I was honored to accept additional responsibilities for the foundation,” he said.