$18,404 PF hiroshi saito, CFO
$18,122 SWF shahmar arifoglu Movsumov, executive director
$18,057 IF albert benchimol, CFO
$18,001 PF Michelle McGregor smith, CeO
$17,974 PF Karl C. Koch, CIO
$17,950 SWF seyed shamseddin hosseini, Minister of Finance
$17,817 PF John Pearce, CIO
$17,785 PF eileen Leahy, assistant treasurer (benefits)
$17,619 PF andré Ludin, CIO
$17,510 IF Michael W. McCroskey, treasurer & exec. vP (Investments)
$17,424 PF Kevin holloran, executive director
$17,328 PF Gary bader, CIO
$17,281 PF Maarit säynevirta, head of Investments
$17,161 PF n/a
$17,143 PF valerie J. sill, CIO
$16,874 PF Jan Willem baan, Investment director
$16,740 PF nancy Goerdel, CIO
$16,711 PF Claus stampe, CIO
$16,607 PF Pantelis apessos, Managing director (strategy & Investments)
$16,578 IF Michel tremblay, executive vP, (Investments)
$16,553 IF Christopher J. Pagano, treasurer & CIO
$16,501 PF Frank a. d’amelio, CFO
$16,461 PF Francisco González, director of Pensions
$16,326 E david F. swensen, CIO
$16,153 PF Guilherme Lacerda, President
$16,130 PF brian Pellegrino, Investment Manager
$16,057 IF bill Cody, CIO
$16,043 PF Mark J. Fuller, CeO
$15,728 PF John van Markwyk, director of Investment
$15,556 PF Paul J. Williams, Investment Officer
$15,465 PF dennis duerst, director (benefit Funds Investment)
$15,305 PF bodo uebber, CFO
$15,300 PF dave Zellner, CIO
$15,220 IF Jack nelson, CIO
239 Mitsubishi uFJ Financial* Japan
240 state Oil Fund azerbaijan
241 Partnerre bermuda
242 british airways Pension scheme u.K.
243 Iowa Public employees’ retirement system u.s.
244 Oil stabilisation Fund Iran
245 unisuper australia
246 GlaxosmithKline u.K.
247 novartis switzerland
248 american national Insurance u.s.
249 new york City Police Pension Fund u.s.
250 alaska retirement Management board u.s.
251 state Pension Finland
252 state Farm* u.s.
253 duPont u.s.
254 sba artsenpensioenfondsen* netherlands
255 texas Municipal retirement system u.s.
256 Pensiondanmark denmark
257 Citigroup u.s.
258 Industrial alliance Insurance Canada
259 assurant u.s.
260 Pfizer u.s.
261 bancomer* Mexico
262 yale university u.s.
263 FunCeF* brazil
264 united Parcel service u.s.
265 Progressive u.s.
266 Ontario Pension board Canada
267 spoorwegpensioenfonds* netherlands
268 texas County & district retirement system u.s.
269 3M u.s.
270 daimler Germany
271 Pension and health benefits, united Methodist Church u.s.
272 everest re Group bermuda
Yale University Endowment
assets: $16,326 million
Before this recession struck, Yale prided
itself on having had the best-performing
university endowment of the decade, with
an annual average growth rate of 16.3%
through June 30, 2008. The man behind the
success: David Swensen. With a 25% loss
in fiscal 2009, one might think the Oracle
of Endowments might admit defeat—but far
from it. His commitment to his self-defined
“endowment model” —manager diversification
in non-liquid assets like timber, hedge funds,
and private equity—has not diminished one
iota, and neither has his reputation. Despite
Yale’s underperformance, Swensen’s concept
continues to be highly regarded by investment
heads around the country. When questioned
whether the endowment model has run its
course, Jane Mendillo, who took over as Chief
Executive Officer of rival Harvard Management
Company (HMC) in July 2008, was clear: “No.”
Continuing in her annual report, she noted
“we… believe that the creation of a diversified
portfolio including significant exposure to a
variety of alternative assets has been a major
factor in HMC’s long-term success.”
This is not to say that there have not been
tweaks to the system. More problematic for
the major endowments than 2008’s absolute
losses were liquidity issues, which caused Yale,
Harvard, and others to cut capital expenditures,
freeze salaries, and limit financial aid—all things
that an endowment is meant to protect in times
like this. As a result, Swenson, Mendillo, and
others have been increasingly vocal about their
new focus on maintaining substantial liquid
holdings. Whether they have truly learned the
lesson however, likely won’t be apparent until
the next recession.