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| Chairman, Board of Trustees
Laurie Hoagland is Vice President and Chief Investment Officer of the Hewlett Foundation. Prior to joining the foundation in January 2001, he served for nine years as President and CEO of Stanford Management Company, Stanford University’s $20 billion investment and real estate organization. For the 11 years prior to joining Stanford in 1991, Mr. Hoagland was a co-founder and partner in the investment management firm of Anderson, Hoagland and Company in St. Louis. He has also held positions as Vice President and Treasurer of Cummins Engine Company, and Vice President and Portfolio Manager of the Irwin Management Company in Columbus, Indiana. Laurie currently serves on the Boards of the Commonfund and of the Louisville Presbyterian Theological Seminary. He is Chairman of the Investment Advisory Committee of the Howard Hughes Medical Institute and serves as an advisor to the investment committees of Caltech, the David and Lucile Packard Foundation, and the Kamehameha Schools (Bishop Trust). He served on the Board of the Lucile Packard Foundation for Children’s Health from 1999 to 2005, as a member of the Finance Committee of the Rockefeller Foundation from 1995 to 2001, and as a Director and Chairman of the Investment Committee of the Board of Pensions of the Presbyterian Church from 1981 to 1992. Mr. Hoagland graduated from Stanford University in Economics in 1958, as a Marshall scholar received an MA in Philosophy, Politics and Economics from Oxford University, and earned an MBA from Harvard in 1962. |
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| Vice Chair and Chairman of Audit and Risk Committee
Will Goetzmann is the Edwin J. Beinecke Professor of Finance and Management Studies Director, International Center for Finance at the Yale School of Management. Professor Goetzmann has taught Finance at the Yale School of Management since 1994, and has served as the director of Yale’s International Center for Finance since 1999. He has served on the board of directors of The American Finance Association, The European Finance Association and The American Real Estate and Urban Economics Association. He is past coeditor of Real Estate Economics and past associate editor of the Journal of Finance and The Journal of Financial and Quantitative Analysis. He has published more than 40 articles in academic journals over the past 15 years. His work has been featured in leading business periodicals such as the Wall Street Journal, The New York Times, BusinessWeek, The Economist, Forbes, Hedge Fund News and Art and Auction. Professor Goetzmann’s current research falls broadly into four categories: equity markets, financial intermediaries, real estate and the arts. Professor Goetzmann and his colleagues have published a number of papers about financial intermediaries – particularly mutual funds and hedge funds. Many of these studies have focused on the question of how to identify skilled managers and whether statistical methods for doing so may be gamed by market participants. Professor Goetzmann received both his Bachelor’s Degree and Doctorate of Philosophy from Yale University. |
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| Trustee
Leslie Bains is a Managing Director at Citi Private Bank. Prior to joining Citibank, Mrs. Bains was Vice Chairman of Modern Bank, N.A. and CEO of Modern Asset Management. Prior to that she was the President of AFS Intercultural Programs, one of the world’s largest non-profit, community-based volunteer organizations dedicated to building a more just and peaceful world through intercultural exchange. Mrs. Bains retired at the end of 2003 as Senior Executive Vice President of HSBC North America and the highest-ranking woman and member of the Senior Management Committee. Mrs. Bains’ career prior to HSBC includes various executive posts with JP Morgan/Chase and Citibank. Mrs. Bains is the former Chair of the Board of Trustees of American University and a former member of the Board of Trustees of the American University of Sharjah. Mrs. Bains holds a Bachelor of Arts degree from the American University in Washington D.C. She is on the Board of Directors of Commonfund, Chair of the Board of Visitors at Duke University Medicine and Vice Chair of Duke University School pf Public Policy. She is also on the Board of Trustees of The Jewish Museum (Audit Committee and Co-Chair of Corporate Development Committee), and a member of the Council on Foreign Relations. |
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| Trustee
Dr. David Barrett is President and Chief Executive Officer of Lahey Clinic, a nonprofit, multispecialty health care organization based in Burlington, Mass. As chief executive officer of Lahey Clinic, Dr. Barrett oversees one of the largest health care systems in New England. He is a member of Lahey Clinic’s Board of Trustees and chair of the Board of Governors. Before joining Lahey in September 1999, he had a long and distinguished career as a physician, teacher and administrator at Mayo Clinic in Rochester, Minn. A native of Michigan, Dr. Barrett received his bachelor’s degree from Albion College and his medical degree from Wayne State University School of Medicine. From 1970-72, he served as a flight surgeon during the Vietnam War and was Chief of the Aeromedical Service at Cam Rahn Bay Air Base. Following his military service, Dr. Barrett trained at Mayo Clinic as a resident in general surgery and in urology. He became a staff physician at Mayo in 1975 and served as chair of the Department of Urology throughout most of the 1990s. He also served as vice chair of Mayo’s Board of Governors. He was a Trustee of the Mayo Foundation and a member of the Executive Committee. |
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| Trustee
Brad Gallagher’s career spans 30 years in the securities industry as a developer and founder of several well-known and successful enterprises and, most recently, starting Spyglass Investments LLC in 2001, a private investment vehicle. In 1995 Mr. Gallagher founded Cypress Holding Company with Berkshire Partners of Boston, MA. The accomplishments of Mr. Gallagher include re-engineering a 150-year old mutual life insurance company, Allmerica Financial (formerly State Mutual of Worcester, Massachusetts). As president of this life insurance company, he developed new strategies to restructure the company’s distribution system, repricing its products and redirecting the company’s activities which returned State Mutual Life to record profitability. Mr. Gallagher took on this assignment for five years commencing in 1990 and finishing in 1995 on the eve of the company’s demutualization. Mr. Gallagher’s most impressive accomplishments were during his 11 year tenure at Fidelity Investments as a Managing Director where he founded the institutional business including Fidelity Investments Institutional Services Company, Fidelity Investments Retirement Services Company, Fidelity Investments Tax-Exempt Services Company, Fidelity Advisor Funds, and Fidelity Brokerage Services Company (Japan LTD). Mr. Gallagher was responsible for building institutional assets under management from $100 Million to over $100 Billion in 6 major market channels during this period. Mr. Gallagher holds a BS in Economics from Seton Hall University.
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Dr. Fred Grauer is Senior Advisor to Barclays Global Investors and was for fifteen years Chairman and CEO of BGI and its predecessors. He chairs Novazone Incorporated, Integrated Trade Processing Corporation and Financial Crossing Inc. Fred is a Woodrow Wilson Fellow, has a Ph.D. from Stanford University and was a professor at M.I.T. and Columbia University. Global Custodian Magazine recognized Fred as one of the 100 most important contributors to modern finance in the 20th century. His not-for-profit focus is on education, as Trustee of the Commonfund and The Woodrow Wilson National Fellowship Foundation and as Advisor to the Stanford Institute for Economic Policy Research. He is a former Trustee of Menlo School and the Monterey Institute of International Studies.
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Beppie Huidekoper is the Executive Vice President for Finance and Administration at Brown University. Beppie came to Brown from Harvard University, where she had been since 1981, serving as Vice President for Finance from 1995 to 2002. Prior to working at Harvard, she worked for a non profit dealing with economic development in the Northeast. Beppie currently serves as a Board Member of the New Bedford Whaling Museum and is involved in inner city school programs in Boston and New Bedford. She previously served as Board Chair of the American Repertory Theater and Vice President of the Board of Trustees at Westover School in Connecticut. Beppie earned a B.A. from Bowdoin College in 1974 and an M.B.A. from Boston University in 1978, with a concentration in public management. |
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| Trustee
Robert Litterman spent most of his career at Goldman Sachs in investment, risk management and thought leadership roles. He oversaw Quantitative Investment Strategies, a portfolio management business formerly known as the Quantitative Equities and Quantitative Strategies groups, and Global Investment Strategies, an institutional investment research group. Mr. Litterman is also one of three external advisors to Singapore’s Government Investment Corporation (GIC). Previously, Mr. Litterman was Partner and Head of Firm-wide Risk, and helped reorganize the function so that it now reports through an independent, corporate risk management organization. He is credited with envisioning and leading the creation of the firm’s first enterprise-wide, integrated risk management function. He was responsible for monitoring risks across all asset classes within GSAM, including equities, fixed income, currencies, commodities, and derivatives. Mr. Litterman was named a partner of Goldman Sachs in 1994. Prior to that, he was Vice President, Fixed Income Research Department and was named Co-Head of the Research and Model Development Group with Fischer Black. During his tenure at Goldman, Mr. Litterman researched and published a number of groundbreaking papers in asset allocation and risk management. He is the co-developer of the Black-Litterman Global Asset Allocation Model, a key tool in the investment management division, and has co-authored books including The Practice of Risk Management and Modern Investment Management: An Equilibrium Approach (Wiley & Co.). He earned a Ph.D., Economics from the University of Minnesota and a B.S., Human Biology from Stanford University.
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| Trustee
Jeff Pippin is Senior Vice President and Chief Investment Officer, Pepperdine University. Jeff served for 6 years as Vice President for Finance and Administration before being appointed Senior Vice President and Chief Investment Officer in 2006. In this position he is responsible for management of University investment assets, including endowment, general reserves, treasury, trust and annuities, and real estate. He also serves as President of the University’s three affiliated management and holding entities; Wave Enterprises, Wave Properties, and Wave Services. The Senior Vice President and Chief Investment Officer serves as a member of the President’s cabinet, the University Planning Committee, and as liaison to the Board of Regents’ Investment Committee. A CPA, Pippin began his career with Arthur Andersen & Co. and came to the University in 1981. He also currently serves on the board of Commonfund. In addition, Jeff has served on the California State Treasurer’s Investment Advisory Committee, the Investment Committee of the West Coast Athletic Conference, and the Board of Alliance for the Arts. Jeff earned a bachelor's degree from Abilene Christian University (magna cum laude) and an MBA from Pepperdine. |
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| Trustee
Keith Schappert is currently the President of Schappert Consulting, LLC, a firm focused on the business of investment management. Most recently, Mr. Schappert was associated with OneCapital Partners, a hedge fund of funds, as Vice Chairman and a member of its Executive Advisory Committee. Earlier he was Executive Vice Chairman and Regional Head of Americas Asset Management for Credit Suisse where he worked on strategic planning issues. Much of Mr. Schappert’s career was spent at JP Morgan in a number of different capacities. After joining the firm upon graduation from college, he started on the trading desk in 1973, and then managed fixed income portfolios for institutional clients before being named the head of fixed income in 1981. He was promoted to Vice Chairman of the investment group in 1990 with responsibility for Global Fixed Income, Sales and Marketing, Administration and alternative investments Real Estate and Oil and Gas. He then became the President and CEO of JP Morgan Investment Management in 1994 and a member of JP Morgan’s senior management. He continued to head the asset management business until JP Morgan was sold to Chase and he retired after 29 years with the firm. Mr. Schappert graduated from Harvard College Cum Laude General Studies in 1973 with an AB in Government. He is a trustee and the former head of the endowment fund at Berkshire School. He is a board member of Soleil Securities, a director of Trilogy Global Advisors and a director of the MetLife Series Trust.
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| President and Chief Executive Officer of Commonfund
Verne Sedlacek joined Commonfund in 2002 as Executive Vice President and Chief Operating Officer and was appointed President and CEO July 1, 2003. In addition, he serves as a member of the Commonfund Group Investment Policy Committee. Prior to Commonfund, Mr. Sedlacek was President and COO of John W. Henry & Company, Inc., President and Director of Westport Capital Management Corporation and Global Capital Management Limited since 1998. Previously he served as Executive Vice President and Chief Financial Officer for the Harvard Management Company, where he was responsible for managing the areas of personnel, budgets, systems, performance, analysis, contract, credit, compliance, custody, operations, cash management, securities lending, and market risk evaluation for the then approximately $14 billion University Fund. He also has served on many not-for-profit and for-profit boards. Mr. Sedlacek currently serves on the boards of the Association of Governing Boards of Universities and Colleges, the NYSE Pension Managers Advisory Board and is a member of the Samsung Global Investment Advisory Council (SGIAC). He earned an A.B. in Economics from Princeton University and was certified as a CPA by the State of New York in 1978.
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| Trustee
Dr. Bill Trueheart is Chief Executive Officer of Achieving the Dream. Previously he served as President and Chief Executive Officer of The Pittsburgh Foundation for six years until October, 2007. Before joining The Pittsburgh Foundation, he served as President and Chief Executive Officer of Reading Is Fundamental, Inc. Prior to that, he was President of Bryant University (formerly Bryant College) in Rhode Island. He also served Bryant University as Executive Vice President and a member of its Board of Trustees. He was Associate Secretary of Harvard University in its Office of Governing Boards and Assistant Dean and Director of the Master in Public Administration Program at the Harvard Kennedy School. After serving Bryant University for ten years, Dr. Trueheart returned to Harvard as a Visiting Scholar. At the University of Connecticut, he served as the Dean of Undergraduate Academic Affairs in the College of Liberal Arts and Sciences, Assistant to the President, and American Council on Education Fellow. He currently serves as Chairman Emeritus of the Board of Directors of Independent Sector, and on the Boards of the Commonfund, the University of Pittsburgh, the Allegheny Conference on Community Development, the Nellie Mae Education Foundation, the Johnson and Wales Corporation, and Highmark Blue Cross/Blue Shield. He is a member of the National Panel on the Nonprofit Sector, and is a member of the Advisory Board for the Commonfund Benchmarks Study of Foundations. He has serviced as the co-chair of the Pittsburgh Mayor’s Commission on Public Education, the chairman of the Rhode Island Independent Higher Education Association, the vice chairman of the National Council of Presidents of the Association of Governing Boards of Universities and Colleges, and on the Visiting Committee of the Harvard Kennedy School. Past board directorships include Fleet National Bank, Fleet National Bank Southern New England Banking Group, Narragansett Electric Company, New England Education Loan Marketing Corporation, the Rhode Island Public Education Fund, National Education Fund Network, Woods Hole Oceanographic Institute, the Rhode Island Children’s Crusade, the American Institute of Certified Public Accountants (AICPA), and the AICPA Foundation. He earned his BA in political science and economics at the University of Connecticut, his MPA at the Harvard Kennedy School, and his EdD at the Harvard Graduate School of Education.
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| Trustee
Bruce Zimmerman is CEO and Chief Investment Officer of The University of Texas Investment Management Company (UTIMCO). UTIMCO, investing approximately $20B, is one of the nation’s largest endowments. Prior to joining UTIMCO, Mr. Zimmerman was CIO and Global Head of Pension Investments at Citigroup. Previously at Citigroup, Bruce had been CFO and Chief Administrative Officer for Citigroup Alternative Investments, which invested over $90B in proprietary and client capital across a range of hedge fund, private equity, private real estate equity and structured credit vehicles. Before joining Citigroup, Mr. Zimmerman spent approximately thirteen years at Texas Commerce Bank/JPMorgan Chase in a variety of capacities including Merger and Acquisition Investment Banking, Internet and ATM Retail Management, Consumer Marketing and Financial Planning, Strategy and Corporate Development. Prior to joining Texas Commerce Bank/JPMorgan Chase, Bruce was a Manager at Bain & Company in their Boston office. Mr. Zimmerman graduated Magna Cum Laude with a Degree of Distinction from Duke University and received a MBA from Harvard Business School where he graduated with First and Second Year Honors. |
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