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The newspaper of The Johns Hopkins University October 11, 2004 | Vol. 34 No. 7
Chief Investment Officer to be Recruited to Manage Endowment

By Dennis O'Shea

The university plans to hire a chief investment officer, splitting the management of the endowment and other investments from other responsibilities of the Office of the Treasurer.

The move comes in recognition of the increasing complexity of endowment management, both at Johns Hopkins and at universities across the country, said James T. McGill, senior vice president for finance and administration.

McGill said he had been considering the move for some time at the urging of William E. Snow Jr., who has been treasurer of the university since 1989.

"The university's endowment now exceeds $2 billion in market value, and managing it has become a far more complex task with the introduction of a number of alternative investment strategies and the need to oversee more than 60 separate outside investment managers," McGill said. "That complexity will only increase in coming years, during which capital markets are expected to produce more modest yields, and the university will need to adopt even more sophisticated strategies in order to meet its investment goals."

McGill said that the evolving demands of endowment management will require new staff and a full-time investment professional to lead them. Nearly all the university's peer institutions have already split the treasury and investment functions or are moving in that direction, he said.

Snow will continue to manage both functions while a chief investment officer is recruited in the coming months, McGill said. After that search is complete, the Treasurer's Office will be split and Snow will remain as treasurer, overseeing traditional treasury functions such as cash management, external financing, bank relations, risk management and insurance.

"Bill Snow has served this university remarkably well," McGill said. "I am grateful for everything he has done, and particularly grateful for his counsel and assistance now in positioning the university for the future."


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