Key Takeaways
- • David Marcus, chief investment officer of Juilliard School's $1 billion endowment, is departing effective September 30, 2014, with no successor yet named to the role.
- • Marcus led the endowment through the 2008 financial crisis recovery with support from board chairman Bruce Kovner, founder of hedge fund Caxton Associates and a major donor to the school.
- • Juilliard's investment committee comprises high-profile Wall Street figures, including Chris Kojima and Kent Clark from Goldman Sachs Asset Management, and Sanford Ehrenkranz from Ehrenkranz Partners, reflecting the school's sophisticated institutional approach to asset management.
- • The $1 billion endowment serves approximately 850 students at the elite New York City-based performing arts institution, representing a substantial financial position relative to student enrollment.
- • Marcus' next position remains undetermined, and neither he nor Juilliard have publicly announced the departure or provided further comment on the transition.
Summary
David Marcus, chief investment officer of the Juilliard School's $1 billion endowment, is set to leave his position at the end of September 2014, according to sources familiar with the matter. Marcus arrived at the elite music, dance, and drama school in May 2008, just as the financial crisis intensified, and successfully navigated the endowment through substantial market losses during that turbulent period. His departure marks a significant transition for one of the nation's most prominent performing arts institutions.
The timing of Marcus' arrival positioned him as a critical steward during a challenging economic environment. With board chairman Bruce Kovner—founder of the hedge fund Caxton Associates and a major donor alongside his wife Suzie—providing oversight and support, Marcus managed the recovery of the endowment's assets. Kovner, who ran Caxton from 1983 to 2011 and now operates as a private investor through his family office CAM Capital, has been instrumental in shaping the school's investment strategy since becoming board chair in 2001.
Juilliard's investment committee reflects deep Wall Street expertise, including Chris Kojima, head of Goldman Sachs Asset Management's alternative investments and manager selection group; Kent Clark, Goldman's CIO for hedge fund strategies; Jim Marcus, a former Goldman partner; Sanford Ehrenkranz, co-founder of wealth management firm Ehrenkranz Partners; Keith Gollust, president of Gollust Management; and Kenneth Davidson, an advisor to hedge fund Balestra Capital. This composition underscores the school's institutional-grade approach to managing its $1 billion portfolio for approximately 850 students.
As of the announcement date, no successor has been named to fill the chief investment officer role, and Marcus' next career move remains unclear. Neither Marcus nor Juilliard's spokesman responded to requests for comment regarding the departure or transition plans.
The timing of Marcus' arrival positioned him as a critical steward during a challenging economic environment. With board chairman Bruce Kovner—founder of the hedge fund Caxton Associates and a major donor alongside his wife Suzie—providing oversight and support, Marcus managed the recovery of the endowment's assets. Kovner, who ran Caxton from 1983 to 2011 and now operates as a private investor through his family office CAM Capital, has been instrumental in shaping the school's investment strategy since becoming board chair in 2001.
Juilliard's investment committee reflects deep Wall Street expertise, including Chris Kojima, head of Goldman Sachs Asset Management's alternative investments and manager selection group; Kent Clark, Goldman's CIO for hedge fund strategies; Jim Marcus, a former Goldman partner; Sanford Ehrenkranz, co-founder of wealth management firm Ehrenkranz Partners; Keith Gollust, president of Gollust Management; and Kenneth Davidson, an advisor to hedge fund Balestra Capital. This composition underscores the school's institutional-grade approach to managing its $1 billion portfolio for approximately 850 students.
As of the announcement date, no successor has been named to fill the chief investment officer role, and Marcus' next career move remains unclear. Neither Marcus nor Juilliard's spokesman responded to requests for comment regarding the departure or transition plans.
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