Scott Richland, CIO of Caltech’s Investment Office, will resign in December, the university’s office of the president announced. letter on monday. Scott was appointed as his CIO of the Investment Office in 2010, replacing Sandra Ell.
During Richland’s tenure, the investment office grew Caltech’s assets from $1.6 billion to nearly $4.6 billion, delivering an 8.5% annual return over the 10-year period ending June 30, 2023. Richland’s investment firm generated more than $2.7 billion in investments for him. The chancellor’s letter states that $2 billion in endowments have been returned and funds provided to support the university.
As of fiscal year 2022, Caltech’s endowment has 24% of its assets in developed market equities, 7% in emerging market equities, 25% in alternative securities, 26% in private equity and venture capital, 12% in real assets, Holds 1%. 5% for global bonds and 5% for cash and other asset classes.
Mr. Richland has held numerous positions throughout his 40-year investment career. Prior to his appointment at Caltech, he held positions including President of Luna Bay Investors, President of Ander Holdings, and Managing Director of AIG Global Investments. He also held several senior and executive positions at SunAmerica.
Richland, a finalist CIO’s 2021 Industrial Innovation Awards In endowments, he serves on the boards of Foldax and Pasadena Private lending, and previously served on the boards of United Educators Insurance and AIG Life and Retirement Companies.
After leaving Caltech, Richland plans to focus on board appointments and philanthropy, according to the letter. Caltech President Thomas F. Rosenbaum announced in his letter that the university will begin a national search for Richland’s successor.
Richland holds a BA in Political Science and Government from UCLA and an MBA from Stanford Graduate School of Business.
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Tags: California Institute of Technology, CalTech, CIO, Scott Richland, Thomas F. Rosenbaum
