Dartmouth Taps Wealth Manager Ruth to Run $4.5 Billion EndowmentBy
Alice Ruth was investing chief at Willett Advisors in New York
CIO Pamela Peedin is stepping down in April after six years
Dartmouth College hired wealth manager Alice Ruth as chief investment officer overseeing the Ivy League school’s $4.5 billion endowment.
Ruth, 55, an alum who’s a member of Dartmouth’s investment committee, will succeed Pamela Peedin in April, the college said Monday in a statement. Peedin in November announced her plan to step down after six years as head of Dartmouth’s 13-person investment office.
Dartmouth is among institutions with large endowments that have been searching for new investing chiefs. Cornell University, another Ivy League school, last year hired Kenneth Miranda as CIO. Like Ruth, he was also a member of the school’s investment committee. The University of Texas Investment Management Co. plans to name a chief executive officer to replace Bruce Zimmerman.
While Dartmouth trails most other Ivy League schools in terms of the size of its endowment, it has among the best performance over the past five years. It’s delivered an annual average return of 8.8 percent, trailing only Princeton University and Yale University. The college is located in Hanover, New Hampshire, and its investment office is in Boston.
Ruth was chief investment officer of Willett Advisors, the investment adviser for former New York Mayor Michael Bloomberg’s family office and family foundation established in 2010, according to the statement. Bloomberg is the founder and majority owner of Bloomberg LP.
“Dartmouth is lucky to have someone of Alice’s caliber managing our endowment,” Richard Kimball, founding general partner of Technology Crossover Ventures LP who is chairman of the college’s investment committee, said in a statement. “She has a stellar track record, excellent judgment, and a love of Dartmouth.”
“I’m very, very excited,” Ruth said in an interview before the announcement. She said the portfolio is “in good shape,” and that her job is to “keep things moving forward.”
Ruth and Kimball credited Peedin for delivering top returns during her time with Dartmouth. Peedin was previously head of Boston University’s endowment and worked at Boston-based Cambridge Associates. She has said she was resigning to spend more time with her family.
“Pam deserves a lot of credit,” Kimball said in an interview before the announcement. “She’s done a great job.”
Prior to Willett, Ruth served in the same capacity for Bloomberg at Quadrangle Group, according to the statement. She was CIO for the Gordon and Betty Moore Foundation before that and also spent 12 years at Montgomery Securities as a senior managing director and co-director of equity research.