Penn State Looks to Replace Longtime CIO for $4B Portfolio
The FundFire article, "Penn State Looks to Replace Longtime CIO for $4B Portfolio," quotes Russell Reynolds Associates Consultant Debra Brown on the growing emphasis on ESG and doing good in today's world. The article is excerpted below.
Pennsylvania State University (Penn State) is reviewing candidates to replace John Pomeroy, the first and only CIO to ever run its investment portfolio.
Pomeroy retired at the end of 2018 after 17 years at the helm of the university’s $4 billion investment pool.
While requirements for incoming endowment CIOs have remained largely consistent, according to Debra Brown, a recruiter at Russell Reynolds Associates, these organizations have seen growing pressure to adopt environmental, social, and governance (ESG) investing guidelines.
“I think there’s greater interest by programs to do right while doing good… and there’s also increased pressure from student bodies,” says Brown. She added that potential CIO candidates today are well advised to bring with them a “philosophy on how you’re going to approach ESG” that is in sync with the school’s policy.
To read the full article, click here.