Dartmouth names new CIO

The $4.5bn endowment tapped the CIO of Michael Bloomberg’s family office for the role.

Dartmouth College’s investment office has appointed one of its investment committee members as chief investment officer, the Hanover, New Hampshire-based university said Monday.

Pamela Peedin, the university endowment’s current CIO, is stepping down this month after more than six years in the role to spend more time with her family, she said in November. Alice Ruth, a current member of the endowment’s investment committee, will replace Peedin in April.

“Pam has brought great skill, discipline, and rigor to her role in managing the endowment,” Phil Hanlon, the university’s president, said when Peedin announced her departure. “She has also brought great success. She will be greatly missed, but we respect the decision she’s made.”

Incoming CIO Ruth was the CIO for billionaire and former New York City mayor Michael Bloomberg’s family office, Willett Advisors, from April 2008 to December, according to her LinkedIn profile. Previously, she was the CIO for the Gordon and Betty Moore Foundation from 2001 to 2008. Ruth graduated from Dartmouth in 1984 and was also on the search committee for the endowment’s CIO.

The 14-person, Boston-based endowment managed $4.5 billion as of June 30, with 5.8 percent invested in real estate, 19 percent in venture capital and private equity and 7 percent in natural resources, according to its most recent investment report. Dartmouth was valued at $4.5 billion at the end of its fiscal year ended June 30.

Real estate has led returns for the endowment, generating a 12.5 percent return for the year ending June 30. The endowment overall returned -1.9 percent.

Dartmouth’s most recent publicly-disclosed real estate deal was the December sale of a grocery-anchored shopping center in Lebanon, New Hampshire for $17.9 million, according to Real Capital Analytics.