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All in the Family: CIO Alice Ruth ‘83

Alice RuthA.jpgFollowing the departure of the College’s Chief Investment Officer Pam Peedin ‘89 (T ‘98) — who let it be known on November 9 that she would leave this June — the administration put together a search committee:

The College has hired executive search firm David Barrett Partners to assist with the search. Kimball, a founding general partner of the growth equity firm Technology Crossover Ventures, will chair the search committee and work with search committee members Trustee Beth Cogan Fascitelli ‘80 and Alice Ruth ‘83, both members of the board’s investment committee. [Emphasis added]

And today Dartmouth News announced the name of our new CIO: Alice Ruth ‘83. The College’s press release describes Ruth’s background as follows:

She comes to Dartmouth from Willett [Advisors], which, since its inception in 2010, has been the investment adviser for former New York Mayor Michael Bloomberg’s Bloomberg Family Office and the Bloomberg Family Foundation. Prior to Willett, she served in the same capacity for Bloomberg at Quadrangle Group.

Before Quadrangle, she was chief investment officer for the Gordon and Betty Moore Foundation, where she led and shaped a $6 billion portfolio. Prior to Moore, she spent 12 years at Montgomery Securities as a senior managing director and co-director of equity research. As a consumer stock analyst for Montgomery, Ruth was recognized a number of times by The Wall Street Journal and named by Institutional Investor’s as a “Home Run Hitter.” Ruth started her career at Morgan Stanley as an economic analyst, focused primarily on Federal Reserve and monetary policy.

The information that Dartmouth News did not give us is that ex-Trustee Diana Taylor ‘77 (2008-2016) is Mike Bloomberg’s partner, and that Ruth is not the first person to migrate from Willett Advisors to the College. You’d think that the Trustees would be up front about this kind of conflict of interest.

Beyond those facts, sources indicate the Phil Hanlon is so desperate to kick the stalled capital campaign into gear that he is currying favor with Michael Bloomberg by offering bolt holes to his ex-employees. Will favors like that help elicit a large donation? Who knows? But do you think that former New York Mayor Bloomberg, a legendary, no-nonsense, tough guy (#6 on the Forbes 400 with a net worth of $49.3 billion; #8 in the world) is going to be impressed by Phil?

Addendum: There appears to be a veritable pipeline from Willett Advisors to the College’s endowment office. Kelsey Morgan ‘02, T’08 spent 26 months with Willett before making his way to the College’s employ. At least a couple of other College staffers previously worked for Willett, too.

Addendum: The CIO position is usually the most highly paid position at the College. Here are the figures for the top earners in 2014 (click on the image to enlarge it):

Peedin Compensation 2014A.jpg

Addendum: According to Bloomberg News, Pam Peedin is now leaving the CIO position in April, rather than in June.

Addendum: Institutional Investor comments, ahem, on Alice Ruth’s hiring by the College:

Alice Ruth Institutional Investor.jpg

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