Hilton Deputies to Split CIO Duties, No Search Planned
Michael Buchman & Yatin Patel, Investment Directors, Conrad N. Hilton FoundationThe Conrad N. Hilton Foundation has reassigned ex-CIO Randy Kim’s duties to two portfolio heads for the foreseeable future, spokesperson Marc Moorghen told CIO.
Kim split with the fund Friday for “personal reasons,” Moorghen said, ending an eight-year leadership tenure.
Yatin Patel, director of public equities, and Michael Buchman, director of private equity and real assets, “will co-manage the investment team and portfolio.”
“We are not looking to fill the CIO position,” the spokesperson said.
The two former deputies joined Kim a few months into his tenure in late 2008, arriving from Barclays corporate development (Patel) and real estate finance (Buchman) positions.
The two investment directors have begun taking on investment chief responsibilities, but will not change titles to interim co-CIO or otherwise.
Neither Kim nor Moorghen would discuss the circumstances surrounding Friday’s breakup.“We are not looking to fill the CIO position.” “As a matter of policy, we don’t comment on details pertaining to the departure of an employee,” the spokesman said. The now-ex CIO, when reached for confirmation, said he had resigned from the organization and declined to comment further.
Kim joined Los Angeles-based Hilton in 2008, having spent the decade prior investing for his alma mater at the Yale Investments Office.
He named his former boss and legendary Yale CIO David Swensen as one of “very few role models” in a 2014 interview, as well as Notre Dame chief Scott Malpass.
Kim’s ascent at 32 years old to brand-name foundation CIO indicated early a dominant generation of Yale investors, one seeding elite nonprofits. Last year, for example, former Yale colleague Rob Wallace took over Stanford’s endowment, and brought in another ex-Swensen acolyte—Kim’s own deputy.
The five-member portfolio team remaining at Hilton will uphold Kim’s investment legacy without him, Moorghen said.
“We remain committed to our existing investment strategy and our work continues as planned,” he noted. “Randy made a tremendous impact on our investment strategy during his time at the foundation, and we wish him the best in his future endeavors.”