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2024 Winners
Lifetime Achievement Award
Michael Trotsky, Executive Director and CIO at Massachusetts Pension Reserves Investment Management
For building Massachusetts’ state retirement fund into one of the country’s best public investment operations over nearly 15 years of service.
"Michael Trotsky’s exceptional leadership encourages a strong culture of collaboration, with a drive towards excellence, resulting in MassPRIM being recognized across the entire industry,” said state treasurer Deborah B. Goldberg, chair of the MassPRIM board.
“For the past fourteen years, he has demonstrated a strong commitment to innovation, efficiency, and outstanding investment management, which directly benefits all public employees, retirees, and their families. Michael is extremely deserving of this honor, and I am proud to have him as part of our Treasury family.”
Team of the Year
Brown University, led by CIO Jane Dietze
For boasting a staff that’s “smart, well-prepared, polite — and tough.” As one GP noted: “You get a good hearing at Brown. They run a good process. Even when the answer isn’t what you’re looking for.” Standouts include investment director Gary Padula, who runs the hedge fund/multi-strat book and “has a way of asking you — as an asset manager — the question that puts the tip of spear right where it’s most tender.” As for the judges’ point-of-view, Brown’s investment office could be described in simply one word: “Fantastic.”
Idea of the Year
Rick Klutey, CIO, IBM Retirement Plans
For reopening IBM’s frozen, overfunded defined benefit plan — and finding a creative use for the pension surplus. IBM’s new cash balance plan allows the company to tap into its excess DB assets to fund benefits, instead of spending billions of dollars on 401(k) contributions. According to our judges: “IBM is encouraging companies to keep their DB plans open.”
Investment Operations of the Year
Christine Ritchie, CFA, CPA, VP and Managing Director, Investment Risk and Operations, Hackensack Meridian Health
For building Hackensack’s powerhouse ops unit from literally nothing — not even a spreadsheet of portfolio positions. Ritchie’s expertise has become indispensable not just for her employer, but the investment industry writ large. “Christine is regularly asked for best practices when building from scratch or untangling an operations mess,” a colleague said. And when there’s an ops problem at Hackensack, she’s a source of calm: “My heart rate stays steady because these conversations always end with ‘… and that’s how we cleaned up the mess.”
Leader of the Year
Jonathan Glidden, CIO, Delta Air Lines
For expert stewardship of the $16B pension fund and truly delivering for Delta’s employees. Since joining Delta in 2011, Glidden has taken the plan from 38% to 101% funded, smashing performance benchmarks with prudent and effective use of derivatives. “He’s done amazing work on portable alpha strategies,” one of our judges added. “He’s leveraged the fund in a really thoughtful, risk-effective way.”
Advisor of the Year
Marc Tourville, President and Managing Director, Cardinal Investment Advisors
For two decades of work in service of the unique needs of insurance investors. “Marc is just terrific,” a nominator said, and our judges agreed: “He’s held in very high regard.” Per one former client: “As an insurance CIO, you tend to have a very small team, and therefore the role your consultant plays is as an extension of your internal team. We were tied at the hip!”
The Randy Kim Prize for Fiduciary of the Year
Christopher Ailman (Former CIO) and Scott Chan, CFA (Current CIO), CalSTRS
For steady, consistent stewardship of the second-largest public pension in the U.S. despite huge levels of public scrutiny. In his 24 years as the $333B plan’s CIO, Ailman’s leadership of CalSTRS’ 200-strong investment team has won no shortage of plaudits, all while the retirement system has comfortably surpassed its long-term return target and positioned its portfolio to face the ecological challenges of the 21st century. The ascension of longtime deputy Scott Chan to CIO upon Ailman’s retirement is yet more testament to the system’s steady focus.
Best Partner
Hamilton Lane
For being a go-to partner for allocators building private equity portfolios. With the solutions on offer including direct investing, co-investing, primary funds, secondaries, impact investments, access to diverse and emerging managers, and tech support, Hamilton Lane quite literally does it all as far as private markets are concerned. One judge’s response when Hamilton Lane came up in finalist deliberations: “I wholeheartedly endorse that nomination.”
Institutional RIA of the Year
intellicents
For best-in-class service that treats all clients — from high-net-worth families to graduates worried about credit card and student loan debt — as equals. “Many say they can do this, but few execute on it as fully and passionately as the intellicents team,” a top pension CIO said. The firm has also been an early adopter of digital wellness and advice solutions — “always pushing forward and looking for ways to improve client outcomes through innovation.”
Best Citizen
Betsy Ewing, Advisor, Standards Board for Alternative Investments (SBAI)
For “pushing the industry in the right direction,” as one judge observed. Ewing has served as an advisor to SBAI since 2018, working with the North American committee and supporting the board’s global efforts to set standard best practices for the alternatives industry, increase transparency and knowledge sharing, and engage with regulators. Simply put: “She’s great.”
Best Bad Idea
Anton Ozornin, Investment Principal, Partners Capital
For his bet on South Korean battery manufacturer EcoPro, which finished down 63.7% — more than 1400bps below runner-up Anthony Novara’s pick. Ozornin told The Allocator that his idea came after EcoPro’s share price ballooned during a period of meme stock mania before the competition. “The company was a short position for a couple of equity managers back in 2022,” he said. “And that was before it went 10x in seven months!” .
Once the company became ubiquitous on retail investor subreddits and discord channels, the Partners pro knew he was onto something. “Given how swift the descent was for the U.S. meme stocks, I decided to give it a shot — and got fortunate as it peaked just before the competition cut-off.”
2024 Winners
Lifetime Achievement Award
Michael Trotsky, Executive Director and CIO at Massachusetts Pension Reserves Investment Management
For building Massachusetts’ state retirement fund into one of the country’s best public investment operations over nearly 15 years of service.
"Michael Trotsky’s exceptional leadership encourages a strong culture of collaboration, with a drive towards excellence, resulting in MassPRIM being recognized across the entire industry,” said state treasurer Deborah B. Goldberg, chair of the MassPRIM board.
“For the past fourteen years, he has demonstrated a strong commitment to innovation, efficiency, and outstanding investment management, which directly benefits all public employees, retirees, and their families. Michael is extremely deserving of this honor, and I am proud to have him as part of our Treasury family.”
Team of the Year
Brown University, led by CIO Jane Dietze
For boasting a staff that’s “smart, well-prepared, polite — and tough.” As one GP noted: “You get a good hearing at Brown. They run a good process. Even when the answer isn’t what you’re looking for.” Standouts include investment director Gary Padula, who runs the hedge fund/multi-strat book and “has a way of asking you — as an asset manager — the question that puts the tip of spear right where it’s most tender.” As for the judges’ point-of-view, Brown’s investment office could be described in simply one word: “Fantastic.”
Idea of the Year
Rick Klutey, CIO, IBM Retirement Plans
For reopening IBM’s frozen, overfunded defined benefit plan — and finding a creative use for the pension surplus. IBM’s new cash balance plan allows the company to tap into its excess DB assets to fund benefits, instead of spending billions of dollars on 401(k) contributions. According to our judges: “IBM is encouraging companies to keep their DB plans open.”
Investment Operations of the Year
Christine Ritchie, CFA, CPA, VP and Managing Director, Investment Risk and Operations, Hackensack Meridian Health
For building Hackensack’s powerhouse ops unit from literally nothing — not even a spreadsheet of portfolio positions. Ritchie’s expertise has become indispensable not just for her employer, but the investment industry writ large. “Christine is regularly asked for best practices when building from scratch or untangling an operations mess,” a colleague said. And when there’s an ops problem at Hackensack, she’s a source of calm: “My heart rate stays steady because these conversations always end with ‘… and that’s how we cleaned up the mess.”
Leader of the Year
Jonathan Glidden, CIO, Delta Air Lines
For expert stewardship of the $16B pension fund and truly delivering for Delta’s employees. Since joining Delta in 2011, Glidden has taken the plan from 38% to 101% funded, smashing performance benchmarks with prudent and effective use of derivatives. “He’s done amazing work on portable alpha strategies,” one of our judges added. “He’s leveraged the fund in a really thoughtful, risk-effective way.”
Advisor of the Year
Marc Tourville, President and Managing Director, Cardinal Investment Advisors
For two decades of work in service of the unique needs of insurance investors. “Marc is just terrific,” a nominator said, and our judges agreed: “He’s held in very high regard.” Per one former client: “As an insurance CIO, you tend to have a very small team, and therefore the role your consultant plays is as an extension of your internal team. We were tied at the hip!”
The Randy Kim Prize for Fiduciary of the Year
Christopher Ailman (Former CIO) and Scott Chan, CFA (Current CIO), CalSTRS
For steady, consistent stewardship of the second-largest public pension in the U.S. despite huge levels of public scrutiny. In his 24 years as the $333B plan’s CIO, Ailman’s leadership of CalSTRS’ 200-strong investment team has won no shortage of plaudits, all while the retirement system has comfortably surpassed its long-term return target and positioned its portfolio to face the ecological challenges of the 21st century. The ascension of longtime deputy Scott Chan to CIO upon Ailman’s retirement is yet more testament to the system’s steady focus.
Best Partner
Hamilton Lane
For being a go-to partner for allocators building private equity portfolios. With the solutions on offer including direct investing, co-investing, primary funds, secondaries, impact investments, access to diverse and emerging managers, and tech support, Hamilton Lane quite literally does it all as far as private markets are concerned. One judge’s response when Hamilton Lane came up in finalist deliberations: “I wholeheartedly endorse that nomination.”
Institutional RIA of the Year
intellicents
For best-in-class service that treats all clients — from high-net-worth families to graduates worried about credit card and student loan debt — as equals. “Many say they can do this, but few execute on it as fully and passionately as the intellicents team,” a top pension CIO said. The firm has also been an early adopter of digital wellness and advice solutions — “always pushing forward and looking for ways to improve client outcomes through innovation.”
Best Citizen
Betsy Ewing, Advisor, Standards Board for Alternative Investments (SBAI)
For “pushing the industry in the right direction,” as one judge observed. Ewing has served as an advisor to SBAI since 2018, working with the North American committee and supporting the board’s global efforts to set standard best practices for the alternatives industry, increase transparency and knowledge sharing, and engage with regulators. Simply put: “She’s great.”
Best Bad Idea
Anton Ozornin, Investment Principal, Partners Capital
For his bet on South Korean battery manufacturer EcoPro, which finished down 63.7% — more than 1400bps below runner-up Anthony Novara’s pick. Ozornin told The Allocator that his idea came after EcoPro’s share price ballooned during a period of meme stock mania before the competition. “The company was a short position for a couple of equity managers back in 2022,” he said. “And that was before it went 10x in seven months!” .
Once the company became ubiquitous on retail investor subreddits and discord channels, the Partners pro knew he was onto something. “Given how swift the descent was for the U.S. meme stocks, I decided to give it a shot — and got fortunate as it peaked just before the competition cut-off.”
2023 Winners
Leader of the Year
Robert Manilla, CIO at Kresge Foundation
For raising talent, such as Hackensack Meridian’s Donna Snider, that “may one day even surpass Rob himself” — which is a high bar.
Advisor of the Year
Sarah Samuels, Partner and Head of Investment Manager Research at NEPC
For applying her firsthand experience as an allocator to the research engine room of a leading consulting firm, earning admiration from clients and envy from peers. Samuels built a reputation as “CIO material” while serving as deputy CIO at MassPRIM, before rounding out her institutional bona fides with a managing director role at Wellesley College.
Team of the Year
Meredith Jenkins, CIO, and the investment team, Trinity Wall Street
For taking the church’s real estate-dominated portfolio to a global, diversified powerhouse portfolio worth more than $6B, led by “dream-team duo” Jenkins and Nick Csickso, her deputy.
Best Citizen
Ted Seides, Podcaster and Investor at Capital Allocators
For exceptional contributions to the institutional investor community and visibility of its best people, work, and practices.
Seides’ famed podcasts “contribute to the sharing of knowledge, which is critical to success and yet not widely practiced,” wrote one prize committee member in nominating Seides, though they weren’t alone.“The podcasts are thought-provoking, by including people who many of us would not generally get exposed to, like a brain surgeon or decision-making guru. I especially appreciated Ted’s recent note on Melvin Capital which was tactful yet clear that they totally blew it.” His more recent venture Capital Allocators University “is long overdue, as there are few opportunities for professionals to gain this kind of exposure (and we all know that the CFA Institute can be a bit dull).”
And from a CIO at a big-name endowment: “Ted works tirelessly to bring meaningful and relevant content to his listeners from some of the best allocators and practitioners in the business. He makes us all smarter and better connected in this fast-paced and ever-changing world!”
Fiduciary of the Year
Collette Chilton, CIO and her team at Williams College
For the exceptional endowment performance under Chilton's leadership, which makes possible the college's super high-profile move to eliminate student loans.
“Collette will hate the attention, but she’s the best, and so is [deputy CIO] Abigail Wattley — it’s all the way down. Williams has to be in here,” a committee member said in deliberations, with universal agreement. The investor’s investment team has outperformed year after year, elevating Williams from “a normal small liberal arts college” to a funded force for education equity in the U.S.
Because of the remarkable investment team at Williams, generations of young people without rich parents will get to go to college, learn, and take risks. “Talk about making an impact.”
Idea of the Year
Clark Hoover, Investment Officer, and Rodney June, Chief Investment Officer at Los Angeles City Employees’ Retirement System
For speaking out on gender inequality at LACERS & its peers — and taking action to fix it at home.
In March, the mid-level investor Hoover wrote an internal letter to the leaders of L.A.’s three major public pension plans — including his own boss, or rather boss’s boss — raising alarm that no women were serving on any of their hiring committees. “I find this both embarrassing and unacceptable — and I hope that some of you do — especially given statements and actions made by some of us to increase diversity in the investment industry,” he wrote in the internal letter.
The next month, LACERS promoted ESG head Ellen Chen. Sharing the news, CIO Rodney June told The Allocator: “LACERS was able to have an executive-level woman on the interview panel. Ellen Chen was selected for the promotional position through a competitive selection process. LACERS appreciates input from staff to help us identify ways in which LACERS can grow and improve.
Best Partner
Baupost Group
For brave consistency through investment trend and market cycles, commanding more investor interest than there is fund capacity at almost any point.
Baupost immediately came up when the committee heard their Partner of the Year prompt: “Out of all the service providers to institutional capital — asset managers, but also data and tech firms, consultants, legal, whatever — who do you trust? Which ones go above and beyond their profit motive to serve the institutional mission?”
“Seth Klarman,” a member of selection panel replied. “Seth has got to be on there. Baupost has been so consistent, so successful, and so in-demand for decades.” What about the management fees charged on Baupost’s hefty cash position? A committee member laughed. “If you don’t want to pay their fees, no problem. Don’t invest. Anyone complaining probably can’t get in anyway.”
Best Bad Investment Idea
Al Hemmingsen
For his Hex Crypto bet, which lost 58.1% over the 12 months to August 1, beating Sam Gallo and John Greaves’ respective bets on steel futures and small-cap gold miners to clinch the top (bottom) spot.
Investment Operations of the Year
Kelly Sandquist, Director of Investment Operations, and her team at Grinnell College
For punching above their weight at the $3B endowment, which has best-in-class operations thanks to an outstanding internal team and a strong new partnership with outsourced provider Bitsync. “Kelly is amazing,” praised a senior member of the investment team. “She reads all of our board books, makes sure the numbers work and the grammar flows. The ops team asked early on to stay on for investment meetings, which I've never seen before. They know what’s going into the portfolio, and I don’t even have to ask if things are set up.” “This is my 3rd operations team, and the smallest one,” the Grinnell investor went on. “They deliver like they are 3x the size.”
2023 Winners
Leader of the Year
Robert Manilla, CIO at Kresge Foundation
For raising talent, such as Hackensack Meridian’s Donna Snider, that “may one day even surpass Rob himself” — which is a high bar.
Advisor of the Year
Sarah Samuels, Partner and Head of Investment Manager Research at NEPC
For applying her firsthand experience as an allocator to the research engine room of a leading consulting firm, earning admiration from clients and envy from peers. Samuels built a reputation as “CIO material” while serving as deputy CIO at MassPRIM, before rounding out her institutional bona fides with a managing director role at Wellesley College.
Team of the Year
Meredith Jenkins, CIO, and the investment team, Trinity Wall Street
For taking the church’s real estate-dominated portfolio to a global, diversified powerhouse portfolio worth more than $6B, led by “dream-team duo” Jenkins and Nick Csickso, her deputy.
Best Citizen
Ted Seides, Podcaster and Investor at Capital Allocators
For exceptional contributions to the institutional investor community and visibility of its best people, work, and practices.
Seides’ famed podcasts “contribute to the sharing of knowledge, which is critical to success and yet not widely practiced,” wrote one prize committee member in nominating Seides, though they weren’t alone.“The podcasts are thought-provoking, by including people who many of us would not generally get exposed to, like a brain surgeon or decision-making guru. I especially appreciated Ted’s recent note on Melvin Capital which was tactful yet clear that they totally blew it.” His more recent venture Capital Allocators University “is long overdue, as there are few opportunities for professionals to gain this kind of exposure (and we all know that the CFA Institute can be a bit dull).”
And from a CIO at a big-name endowment: “Ted works tirelessly to bring meaningful and relevant content to his listeners from some of the best allocators and practitioners in the business. He makes us all smarter and better connected in this fast-paced and ever-changing world!”
Fiduciary of the Year
Collette Chilton, CIO and her team at Williams College
For the exceptional endowment performance under Chilton's leadership, which makes possible the college's super high-profile move to eliminate student loans.
“Collette will hate the attention, but she’s the best, and so is [deputy CIO] Abigail Wattley — it’s all the way down. Williams has to be in here,” a committee member said in deliberations, with universal agreement. The investor’s investment team has outperformed year after year, elevating Williams from “a normal small liberal arts college” to a funded force for education equity in the U.S.
Because of the remarkable investment team at Williams, generations of young people without rich parents will get to go to college, learn, and take risks. “Talk about making an impact.”
Idea of the Year
Clark Hoover, Investment Officer, and Rodney June, Chief Investment Officer at Los Angeles City Employees’ Retirement System
For speaking out on gender inequality at LACERS & its peers — and taking action to fix it at home.
In March, the mid-level investor Hoover wrote an internal letter to the leaders of L.A.’s three major public pension plans — including his own boss, or rather boss’s boss — raising alarm that no women were serving on any of their hiring committees. “I find this both embarrassing and unacceptable — and I hope that some of you do — especially given statements and actions made by some of us to increase diversity in the investment industry,” he wrote in the internal letter.
The next month, LACERS promoted ESG head Ellen Chen. Sharing the news, CIO Rodney June told The Allocator: “LACERS was able to have an executive-level woman on the interview panel. Ellen Chen was selected for the promotional position through a competitive selection process. LACERS appreciates input from staff to help us identify ways in which LACERS can grow and improve.
Best Partner
Baupost Group
For brave consistency through investment trend and market cycles, commanding more investor interest than there is fund capacity at almost any point.
Baupost immediately came up when the committee heard their Partner of the Year prompt: “Out of all the service providers to institutional capital — asset managers, but also data and tech firms, consultants, legal, whatever — who do you trust? Which ones go above and beyond their profit motive to serve the institutional mission?”
“Seth Klarman,” a member of selection panel replied. “Seth has got to be on there. Baupost has been so consistent, so successful, and so in-demand for decades.” What about the management fees charged on Baupost’s hefty cash position? A committee member laughed. “If you don’t want to pay their fees, no problem. Don’t invest. Anyone complaining probably can’t get in anyway.”
Best Bad Investment Idea
Al Hemmingsen
For his Hex Crypto bet, which lost 58.1% over the 12 months to August 1, beating Sam Gallo and John Greaves’ respective bets on steel futures and small-cap gold miners to clinch the top (bottom) spot.
Investment Operations of the Year
Kelly Sandquist, Director of Investment Operations, and her team at Grinnell College
For punching above their weight at the $3B endowment, which has best-in-class operations thanks to an outstanding internal team and a strong new partnership with outsourced provider Bitsync. “Kelly is amazing,” praised a senior member of the investment team. “She reads all of our board books, makes sure the numbers work and the grammar flows. The ops team asked early on to stay on for investment meetings, which I've never seen before. They know what’s going into the portfolio, and I don’t even have to ask if things are set up.” “This is my 3rd operations team, and the smallest one,” the Grinnell investor went on. “They deliver like they are 3x the size.”
2022 Winners
Leader of the Year
Robert Manilla, CIO at Kresge Foundation
For raising talent, such as Hackensack Meridian’s Donna Snider, that “may one day even surpass Rob himself” — which is a high bar.
Advisor of the Year
Sarah Samuels, Partner and Head of Investment Manager Research at NEPC
For applying her firsthand experience as an allocator to the research engine room of a leading consulting firm, earning admiration from clients and envy from peers. Samuels built a reputation as “CIO material” while serving as deputy CIO at MassPRIM, before rounding out her institutional bona fides with a managing director role at Wellesley College.
NEPC spotted consultant material, too: the pairing has been tremendously successful. “She brought an incredibly important allocator perspective,” said one committee member, who nominated Samuels on the spot. “I think NEPC very smartly grabbed her to lead investments, and she’s done some really excellent work.”
Team of the Year
Meredith Jenkins, CIO, and the investment team, Trinity Wall Street
For taking the church’s real estate-dominated portfolio to a global, diversified powerhouse portfolio worth more than $6B, led by “dream-team duo” Jenkins and Nick Csickso, her deputy.
Best Citizen
Ted Seides, Podcaster and Investor at Capital Allocators
For exceptional contributions to the institutional investor community and visibility of its best people, work, and practices.
Seides’ famed podcasts “contribute to the sharing of knowledge, which is critical to success and yet not widely practiced,” wrote one prize committee member in nominating Seides, though they weren’t alone.“The podcasts are thought-provoking, by including people who many of us would not generally get exposed to, like a brain surgeon or decision-making guru. I especially appreciated Ted’s recent note on Melvin Capital which was tactful yet clear that they totally blew it.” His more recent venture Capital Allocators University “is long overdue, as there are few opportunities for professionals to gain this kind of exposure (and we all know that the CFA Institute can be a bit dull).”
And from a CIO at a big-name endowment: “Ted works tirelessly to bring meaningful and relevant content to his listeners from some of the best allocators and practitioners in the business. He makes us all smarter and better connected in this fast-paced and ever-changing world!”
Fiduciary of the Year
Collette Chilton, CIO and her team at Williams College
For the exceptional endowment performance under Chilton's leadership, which makes possible the college's super high-profile move to eliminate student loans.
“Collette will hate the attention, but she’s the best, and so is [deputy CIO] Abigail Wattley — it’s all the way down. Williams has to be in here,” a committee member said in deliberations, with universal agreement. The investor’s investment team has outperformed year after year, elevating Williams from “a normal small liberal arts college” to a funded force for education equity in the U.S.
Because of the remarkable investment team at Williams, generations of young people without rich parents will get to go to college, learn, and take risks. “Talk about making an impact.”
Idea of the Year
Clark Hoover, Investment Officer, and Rodney June, Chief Investment Officer at Los Angeles City Employees’ Retirement System
For speaking out on gender inequality at LACERS & its peers — and taking action to fix it at home.
In March, the mid-level investor Hoover wrote an internal letter to the leaders of L.A.’s three major public pension plans — including his own boss, or rather boss’s boss — raising alarm that no women were serving on any of their hiring committees. “I find this both embarrassing and unacceptable — and I hope that some of you do — especially given statements and actions made by some of us to increase diversity in the investment industry,” he wrote in the internal letter.
The next month, LACERS promoted ESG head Ellen Chen. Sharing the news, CIO Rodney June told The Allocator: “LACERS was able to have an executive-level woman on the interview panel. Ellen Chen was selected for the promotional position through a competitive selection process. LACERS appreciates input from staff to help us identify ways in which LACERS can grow and improve.
Best Partner
Baupost Group
For brave consistency through investment trend and market cycles, commanding more investor interest than there is fund capacity at almost any point.
Baupost immediately came up when the committee heard their Partner of the Year prompt: “Out of all the service providers to institutional capital — asset managers, but also data and tech firms, consultants, legal, whatever — who do you trust? Which ones go above and beyond their profit motive to serve the institutional mission?”
“Seth Klarman,” a member of selection panel replied. “Seth has got to be on there. Baupost has been so consistent, so successful, and so in-demand for decades.” What about the management fees charged on Baupost’s hefty cash position? A committee member laughed. “If you don’t want to pay their fees, no problem. Don’t invest. Anyone complaining probably can’t get in anyway.”
Best Bad Investment Idea
Al Hemmingsen
For his Hex Crypto bet, which lost 58.1% over the 12 months to August 1, beating Sam Gallo and John Greaves’ respective bets on steel futures and small-cap gold miners to clinch the top (bottom) spot.
Investment Operations of the Year
Kelly Sandquist, Director of Investment Operations, and her team at Grinnell College
For punching above their weight at the $3B endowment, which has best-in-class operations thanks to an outstanding internal team and a strong new partnership with outsourced provider Bitsync.
“Kelly is amazing,” praised a senior member of the investment team. “She reads all of our board books, makes sure the numbers work and the grammar flows. The ops team asked early on to stay on for investment meetings, which I've never seen before. They know what’s going into the portfolio, and I don’t even have to ask if things are set up.”
“This is my 3rd operations team, and the smallest one,” the Grinnell investor went on. “They deliver like they are 3x the size.”
2022 Winners
Leader of the Year
Robert Manilla, CIO at Kresge Foundation
For raising talent, such as Hackensack Meridian’s Donna Snider, that “may one day even surpass Rob himself” — which is a high bar.
Advisor of the Year
Sarah Samuels, Partner and Head of Investment Manager Research at NEPC
For applying her firsthand experience as an allocator to the research engine room of a leading consulting firm, earning admiration from clients and envy from peers. Samuels built a reputation as “CIO material” while serving as deputy CIO at MassPRIM, before rounding out her institutional bona fides with a managing director role at Wellesley College.
NEPC spotted consultant material, too: the pairing has been tremendously successful. “She brought an incredibly important allocator perspective,” said one committee member, who nominated Samuels on the spot. “I think NEPC very smartly grabbed her to lead investments, and she’s done some really excellent work.”
Team of the Year
Meredith Jenkins, CIO, and the investment team, Trinity Wall Street
For taking the church’s real estate-dominated portfolio to a global, diversified powerhouse portfolio worth more than $6B, led by “dream-team duo” Jenkins and Nick Csickso, her deputy.
Best Citizen
Ted Seides, Podcaster and Investor at Capital Allocators
For exceptional contributions to the institutional investor community and visibility of its best people, work, and practices.
Seides’ famed podcasts “contribute to the sharing of knowledge, which is critical to success and yet not widely practiced,” wrote one prize committee member in nominating Seides, though they weren’t alone.“The podcasts are thought-provoking, by including people who many of us would not generally get exposed to, like a brain surgeon or decision-making guru. I especially appreciated Ted’s recent note on Melvin Capital which was tactful yet clear that they totally blew it.” His more recent venture Capital Allocators University “is long overdue, as there are few opportunities for professionals to gain this kind of exposure (and we all know that the CFA Institute can be a bit dull).”
And from a CIO at a big-name endowment: “Ted works tirelessly to bring meaningful and relevant content to his listeners from some of the best allocators and practitioners in the business. He makes us all smarter and better connected in this fast-paced and ever-changing world!”
Fiduciary of the Year
Collette Chilton, CIO and her team at Williams College
For the exceptional endowment performance under Chilton's leadership, which makes possible the college's super high-profile move to eliminate student loans.
“Collette will hate the attention, but she’s the best, and so is [deputy CIO] Abigail Wattley — it’s all the way down. Williams has to be in here,” a committee member said in deliberations, with universal agreement. The investor’s investment team has outperformed year after year, elevating Williams from “a normal small liberal arts college” to a funded force for education equity in the U.S.
Because of the remarkable investment team at Williams, generations of young people without rich parents will get to go to college, learn, and take risks. “Talk about making an impact.”
Idea of the Year
Clark Hoover, Investment Officer, and Rodney June, Chief Investment Officer at Los Angeles City Employees’ Retirement System
For speaking out on gender inequality at LACERS & its peers — and taking action to fix it at home.
In March, the mid-level investor Hoover wrote an internal letter to the leaders of L.A.’s three major public pension plans — including his own boss, or rather boss’s boss — raising alarm that no women were serving on any of their hiring committees. “I find this both embarrassing and unacceptable — and I hope that some of you do — especially given statements and actions made by some of us to increase diversity in the investment industry,” he wrote in the internal letter.
The next month, LACERS promoted ESG head Ellen Chen. Sharing the news, CIO Rodney June told The Allocator: “LACERS was able to have an executive-level woman on the interview panel. Ellen Chen was selected for the promotional position through a competitive selection process. LACERS appreciates input from staff to help us identify ways in which LACERS can grow and improve.
Best Partner
Baupost Group
For brave consistency through investment trend and market cycles, commanding more investor interest than there is fund capacity at almost any point.
Baupost immediately came up when the committee heard their Partner of the Year prompt: “Out of all the service providers to institutional capital — asset managers, but also data and tech firms, consultants, legal, whatever — who do you trust? Which ones go above and beyond their profit motive to serve the institutional mission?”
“Seth Klarman,” a member of selection panel replied. “Seth has got to be on there. Baupost has been so consistent, so successful, and so in-demand for decades.” What about the management fees charged on Baupost’s hefty cash position? A committee member laughed. “If you don’t want to pay their fees, no problem. Don’t invest. Anyone complaining probably can’t get in anyway.”
Best Bad Investment Idea
Al Hemmingsen
For his Hex Crypto bet, which lost 58.1% over the 12 months to August 1, beating Sam Gallo and John Greaves’ respective bets on steel futures and small-cap gold miners to clinch the top (bottom) spot.
Investment Operations of the Year
Kelly Sandquist, Director of Investment Operations, and her team at Grinnell College
For punching above their weight at the $3B endowment, which has best-in-class operations thanks to an outstanding internal team and a strong new partnership with outsourced provider Bitsync.
“Kelly is amazing,” praised a senior member of the investment team. “She reads all of our board books, makes sure the numbers work and the grammar flows. The ops team asked early on to stay on for investment meetings, which I've never seen before. They know what’s going into the portfolio, and I don’t even have to ask if things are set up.”
“This is my 3rd operations team, and the smallest one,” the Grinnell investor went on. “They deliver like they are 3x the size.”