Key Takeaways
- • Amherst College named Letitia Johnson its new chief investment officer, effective September 9, 2019, to oversee its $2.9 billion long-term investment pool (LTIP).
- • Johnson joins from Cambridge Associates, where she spent her entire career and since 2015 served as managing director and Endowment & Foundation Team lead, overseeing more than 10 portfolios with total assets above $7 billion.
- • Johnson succeeds Mauricia Geissler, who led the function since 2003 and grew the endowment from approximately $900 million to $2.4 billion during her 16-year tenure.
- • The endowment funds 53 percent of Amherst's current fiscal year operating budget, one of the highest rates in higher education, supporting need-blind admissions and financial aid.
- • Johnson will report to Chief Financial and Administrative Officer Kevin Weinman, and the search was conducted by David Barrett Partners.
Summary
Amherst College on August 1, 2019 named Letitia Johnson as its new chief investment officer, placing her in charge of the management and oversight of the College's $2.9 billion long-term investment pool. The pool combines the endowments of Amherst College, the Folger Shakespeare Library in Washington, D.C., and several long-term College reserves. Johnson's appointment takes effect September 9, 2019, and she will report to Chief Financial and Administrative Officer Kevin Weinman.
Johnson joins Amherst from Cambridge Associates, the global investment consultancy, where she has spent her entire career in the Boston office. Since 2015 she has been managing director and lead of the Endowment & Foundation Team, managing more than 10 portfolios and clients ranging from $100 million to $4 billion, with total assets exceeding $7 billion. She previously served as a managing director beginning in 2011 and joined the firm in 2006 as an investment director. Johnson holds a bachelor's degree in mathematics from Brown University and an MBA from Yale's School of Management.
Johnson succeeds Mauricia Geissler, Amherst's first chief investment officer, who held the role since 2003. According to the College, the endowment grew from approximately $900 million to $2.4 billion during Geissler's 16-year tenure, and she distributed more than $1 billion in support of the College. Geissler built a team of eight investment professionals and was named one of Trusted Insight's 2018 Top 30 Endowment Chief Investment Officers.
Amherst said the endowment is anticipated to fund 53 percent of the current fiscal year operating budget, one of the highest rates in higher education. Nearly 60 percent of Amherst students receive grant-based financial aid, averaging more than $50,000 per student annually. The endowment funds more than 60 percent of the Folger Shakespeare Library's budget in the most recent fiscal year.
Board of trustees member and investment committee chair Simon Krinsky praised Johnson as an experienced investor with strong leadership skills. College President Biddy Martin said the endowment has allowed Amherst to deliver on its mission for almost 200 years. David Barrett Partners conducted the search, with a committee that included Weinman, Krinsky, trustee Dwight Poler, investment committee member Ben Gomez, and Cait Haught.
Johnson joins Amherst from Cambridge Associates, the global investment consultancy, where she has spent her entire career in the Boston office. Since 2015 she has been managing director and lead of the Endowment & Foundation Team, managing more than 10 portfolios and clients ranging from $100 million to $4 billion, with total assets exceeding $7 billion. She previously served as a managing director beginning in 2011 and joined the firm in 2006 as an investment director. Johnson holds a bachelor's degree in mathematics from Brown University and an MBA from Yale's School of Management.
Johnson succeeds Mauricia Geissler, Amherst's first chief investment officer, who held the role since 2003. According to the College, the endowment grew from approximately $900 million to $2.4 billion during Geissler's 16-year tenure, and she distributed more than $1 billion in support of the College. Geissler built a team of eight investment professionals and was named one of Trusted Insight's 2018 Top 30 Endowment Chief Investment Officers.
Amherst said the endowment is anticipated to fund 53 percent of the current fiscal year operating budget, one of the highest rates in higher education. Nearly 60 percent of Amherst students receive grant-based financial aid, averaging more than $50,000 per student annually. The endowment funds more than 60 percent of the Folger Shakespeare Library's budget in the most recent fiscal year.
Board of trustees member and investment committee chair Simon Krinsky praised Johnson as an experienced investor with strong leadership skills. College President Biddy Martin said the endowment has allowed Amherst to deliver on its mission for almost 200 years. David Barrett Partners conducted the search, with a committee that included Weinman, Krinsky, trustee Dwight Poler, investment committee member Ben Gomez, and Cait Haught.
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