Key Takeaways
- • Berea College has appointed Joshua "Josh" Shannon, CFA, as its first chief investment officer, moving its $1.8 billion endowment from an outsourced CIO (OCIO) model to in-house investment oversight.
- • Shannon was formerly deputy CIO at the Hershey Trust, according to Pensions & Investments coverage of the appointment.
- • The new position is designed to bring endowment oversight in-house, establishing a dedicated leadership role for the portfolio.
- • The announcement was reported in an Oct. 21 news release and covered by Pensions & Investments on October 23, 2026.
Summary
Berea College has hired Joshua "Josh" Shannon, CFA, as its first chief investment officer, a newly created position overseeing the college's $1.8 billion endowment. According to Pensions & Investments, the appointment marks a shift away from the outsourced chief investment officer (OCIO) model the institution previously relied on, bringing investment oversight in-house.
Shannon previously served as deputy chief investment officer at the Hershey Trust, according to coverage of the hire. The role was established to oversee the endowment directly, consistent with the college's move from delegated management to internal governance of its investment program.
The endowment's returns fund a substantial share of Berea College's annual operating costs, according to the college's endowment materials, which describe allocations across public equities, private equity and other asset classes. The transition reflects a broader institutional trend in which some endowments bring investment decision-making in-house, though the sources reviewed do not disclose specific performance targets, allocation changes or cost savings associated with the switch.
Shannon previously served as deputy chief investment officer at the Hershey Trust, according to coverage of the hire. The role was established to oversee the endowment directly, consistent with the college's move from delegated management to internal governance of its investment program.
The endowment's returns fund a substantial share of Berea College's annual operating costs, according to the college's endowment materials, which describe allocations across public equities, private equity and other asset classes. The transition reflects a broader institutional trend in which some endowments bring investment decision-making in-house, though the sources reviewed do not disclose specific performance targets, allocation changes or cost savings associated with the switch.
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