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Board of Trustees

Dr. Robert B. Litterman | Chairman, Board of Trustees

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.


Leslie E. Bains | Trustee

Leslie E. Bains is a Managing Director of Citi Private Bank responsible for New Client Development using her many years of experience as a senior banking executive. Prior to joining Citi, Mrs. Bains was a Vice Chairman and a Director of Modern Bank, the first OCC-chartered New York Private bank in 25 years, working with individuals of substantial wealth. For two years, Mrs. Bains was the President of AFS Intercultural Programs, one of the world’s largest non-profit 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, the highest-ranking woman in HSBC, and as a member of the Senior Management Committee. Mrs. Bains is on the Board of Trustees of Commonfund, Chair of the Board of Visitors of Duke University Medicine, Vice Chair of the Board of Visitors of the Terry Sanford Institute for Public Policy at Duke University, and on the Boards of the Roundabout Theater in New York (Finance and Investment Committee), and Kids Free Tobacco. 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.


David M. Barrett, M.D. | Trustee

Dr. Barrett is presently a member of the Medical Staff at Dartmouth Hitchcock Medical Center and serves as a Professor at Dartmouth Medical School. Dr. Barrett previously served as the President and Chief Executive Officer of Lahey Clinic (Burlington, MA) and was a member of its 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.  Dr. Barrett is an honorary Trustee at Albion College and former Trustee at the Lahey Clinic and Mayo Clinic.


Douglas T. Breeden | Trustee

Douglas T. Breeden is the William W. Priest Professor of Finance and former Dean of Duke University’s Fuqua School of Business. He has also served on faculties at the University of Chicago’s Booth School and Stanford Business School. He was the Fischer Black Visiting Professor of Financial Economics at the Sloan School of Management at the Massachusetts Institute of Technology from 2011 to 2013. Breeden has published seminal research on state prices and risk neutral densities implicit in option prices, on the consumption capital asset pricing model (CCAPM), as well as on mortgage securities and hedging. His 1979 article on intertemporal portfolio theory and the CCAPM was one of the Top 10 most-cited articles in the Journal of Financial Economics in two decades. He was an inaugural Batterymarch Fellow in 1981 and was the Distinguished Speaker at the Western Finance Association in 2005. His current research is on “Consumption as A Leading Indicator” and (with Robert Litzenberger) “Central Bank Policy Impacts on the Distribution of Future Interest Rates,” which won a Roger F. Murray Prize from the Q-Group for 2013. He was Associate Editor of 5 top journals in finance and was the Founding Editor and Editor for 10 years of the Journal of Fixed Income. In 1988, he was elected to the Board of Directors of the American Finance Association and in 2010 was elected a lifetime Fellow. In January 2014, the International Association for Quantitative Finance named Breeden “Financial Engineer of the Year 2013” for being an “industry pioneer.” As Dean (2001-2007) at Duke’s Fuqua School of Business, Breeden led major growth in faculty, distinguished professors, and the Ph.D. program. As a teacher, Breeden won an “Outstanding Teacher” award at MIT Sloan in 2012. Breeden holds a Ph.D. in Finance from Stanford and an S.B. from M.I.T. He served on the President’s Council for MIT and on the MIT Corporation’s Visiting Committee for the Sloan School of Management. He was a member of the Stanford Business School Advisory Council. He served on the Board of Goethe Business School in Frankfurt, Germany and was an Honorary Professor at the Chinese Academy of Sciences in Beijing. Breeden is a Senior Research Consultant for Amundi Smith Breeden (formerly Smith Breeden Associates), a money management firm that he co-founded and was Chairman of from 1982 to 2005. He is Chairman of Community First Financial Group, a bank holding company. He is also on Boards of Commonfund, and the Financial Management Association. He is active in philanthropic endeavors and community development in his birthplace in Southern Indiana.


Douglas T. Breeden

Elizabeth (Beppie) Huidekoper |  Trustee

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.


Catherine M. Keating | Trustee (ex-officio)

Catherine Keating joined Commonfund in 2015 as President and CEO. Prior to Commonfund, Catherine was the Head of Investment Management Americas at J.P. Morgan, responsible for overseeing one of the largest providers of investment management services with more than $700 billion in client assets. In addition to her Investment Management responsibilities, she held several firmwide positions, including member of the Management Committee for JPMorgan Chase Bank; Co-chair of the Firmwide Fiduciary Risk Committee; director of the JPMorgan Chase Foundation; and executive sponsor of the firm’s Women’s Interactive Network. Catherine was previously the CEO of United States Private Banking at J.P. Morgan.  Prior to joining J.P. Morgan in 1996, Catherine was a Partner in the international law firm of Morgan, Lewis & Bockius LLP. She is a frequent author and speaker on investment and wealth planning topics, and has been featured in interviews appearing in Business Week, The Wall Street Journal, Barron’s, The Financial Times, and Institutional Investor, among others, and has appeared on CNBC and BusinessWeek TV.  She has been named one of the Most Powerful Women in Banking by US Banker and one of the Most Powerful Women in Finance by American Banker. In addition to her professional activities, Catherine is a member of the boards of the Girl Scouts of Greater New York and the Inner-City Scholarship Fund. She also served for eleven years on the board of Villanova University, including two years as Chair. She earned a J.D. from  the University of Virginia School of Law and a B.A. from Villanova University.


Keith M. Schappert | 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.


Dr. William E. Trueheart | 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 service at 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.


Michael Warren | Trustee

Michael Warren is the Managing Principal of Albright Stonebridge Group, leveraging his leadership in the public and private sectors to advise clients on global financial and economic trends, investments, and corporate growth strategies. Mr. Warren is also a member of the Investment Committee of Albright Capital Management, an affiliated investment advisory firm focused on emerging markets. During the first term of the Obama Administration, Mr. Warren served as Senior Advisor in the White House Office of Presidential Personnel, overseeing the appointments process for senior officials at the Department of the Treasury and economic cluster agencies. He was also a member of the Obama-Biden Transition Project’s Agency Review Working Group, helping to oversee the international trade and economics agencies. In 2010, Mr. Warren was appointed by President Obama to serve as a member of the Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. development finance institution, where he chairs the Audit Committee. Prior to joining Albright Stonebridge Group, Mr. Warren led corporate development at Horne Engineering Services and served as President of Appfluent Technologies, a software provider company, helping both companies to reposition and execute successful growth strategies. Mr. Warren previously worked at McKinsey & Company, both as a strategic consultant in the technology and financial institutions practices and as a fellow of the McKinsey Global Institute. Based in the U.S. and South Korea, he advised corporate leaders in the U.S. and Asian semiconductor industries. During the Clinton Administration, Mr. Warren served in the White House as Executive Director of the President’s National Economic Council and at the U.S. Department of Labor in the Office of the Secretary. He served as Chairman of the District of Columbia Retirement Board, DC’s public pension fund, in 2011 and 2012 and currently serves as Vice Chair of their Investment Committee; and is a member of the Board of Directors of Civitas Group, an affiliated security industry investment and consulting firm; and of Catalist, a data targeting company; and is a member of Yale’s School of Management Board of Advisors. A Rhodes Scholar, Mr. Warren earned his degrees from Yale University and Balliol College, Oxford University.


Bruce Zimmerman | Trustee

Bruce Zimmerman is CEO and Chief Investment Officer of The University of Texas Investment Management Company (UTIMCO).  UTIMCO, investing approximately $28B, 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. Mr. Zimmerman serves on the Board of Trustees of the Commonfund and is an ex-officio member of the Investment Committee of the Houston Endowment.