Cornell Names IMF's Miranda to Head $6 Billion Endowmentby
Miranda served on Cornell's investment committee since 2012
Cornell gained 3.4% in fiscal 2015, lowest among Ivy schools
Cornell University named Kenneth Miranda, director of the International Monetary Fund’s investment office, to run its $6 billion endowment, the fourth person to head the fund since 2010.
Miranda, 55, who has directed the IMF’s investment office since 2000, will begin on July 1, the Ithaca, New York-based school said Wednesday in a statement. He has served on the school’s investment committee since February 2012.
“Over the past four years, the investment committee has come to value Ken’s astute analytical skills and his remarkably thoughtful contributions to our dialogues,” Donald Opatrny, chair of the school’s investment committee, said in the statement. “He has a clear understanding of today’s complex and rapidly changing investment environment.”
In his current job, Miranda coordinated a team that oversaw investments of about $11.5 billion in assets for IMF’s retirement and benefits plans, making investments across an array of asset classes, themes, strategies and managers. He joined the IMF in 1986.
Miranda, a chartered financial analyst, earned a doctorate in economics from the University of Chicago in 1986 and an undergraduate degree from Georgetown University in 1981. He also served as a senior adviser on George Washington University’s investment committee.
Cornell posted an investment return of 3.4 percent for the 2015 fiscal year, trailing the average of 7.8 percent among the eight schools in the Ivy League. Cornell ranked lowest while Princeton University ranked highest with a 12.7 percent return.
Miranda will replace A.J. Edwards, who departed on March 31. Senior investment officers Cody Danks Burke and Roger Vincent are serving as interim co-CIOs.
Edwards led the investment office since May 2012 and served as interim chief the previous year after joining as a senior investment officer in 2008, according to the school. The school said the endowment gained an annual 10 percent in the past five fiscal years.