Key Takeaways
- • Boston University has named Clarissa (Lila) C. Hunnewell as its new chief investment officer, effective May 4, 2021, replacing Pamela Peedin, who left to lead the investment office at Dartmouth College.
- • Hunnewell is currently a managing director at Cambridge Associates, a consulting firm with more than 900 clients worldwide, and will oversee day-to-day management of BU's $1 billion-plus endowment.
- • Peedin earned a 12.7 percent return on the endowment in the last fiscal year, with a tilt toward emerging-market stocks, according to the university's account.
- • Hunnewell's clients at Cambridge Associates have included a $650 million educational institution and pension funds, with clients holding up to $2 billion in assets posting returns of 11 to 15 percent in fiscal 2010.
Summary
Boston University has appointed Clarissa (Lila) C. Hunnewell as its new chief investment officer, according to BU Today. Hunnewell assumes the role May 4, 2021, succeeding Pamela Peedin, who departed last month to take the helm of the investment office at her alma mater, Dartmouth College. Hunnewell is currently a managing director at Cambridge Associates, a Boston-area consulting firm with more than 900 clients worldwide.
In the role, Hunnewell will manage day-to-day oversight of the university's endowment, which exceeds $1 billion and whose investments are approved by the Board of Trustees investment committee. University President Robert A. Brown described her as "a very well-respected advisor who deeply understands the roles of endowments in universities," adding that she would support both continued endowment growth and the Investment Office's stewardship of the university's financial assets. Peedin earned a 12.7 percent return on the endowment in the last fiscal year despite a recession-affected economy, steering investments toward emerging-market stocks in particular.
Hunnewell said the central challenge is to keep the portfolio, and the reserves built to manage uncertainty, "robust and fresh" as the global economy improves but remains uncertain. She joined Cambridge Associates in 1991, where her clients have included a $650 million educational institution, a children's hospital and research institution, pension funds, and a range of educational, cultural, religious, and conservation groups. She has also advised educational institutions on their in-house banks. Clients holding up to $2 billion in assets earned returns between 11 and 15 percent in fiscal 2010, according to the article.
Hunnewell studied economics at Princeton, graduating in 1983, and earned an MBA from Harvard Business School four years later. Sandra Urie, CEO and chairwoman of Cambridge Associates, called her "a wonderful colleague and talented consultant" and said the firm was pleased she was joining a university within its extended family.
In the role, Hunnewell will manage day-to-day oversight of the university's endowment, which exceeds $1 billion and whose investments are approved by the Board of Trustees investment committee. University President Robert A. Brown described her as "a very well-respected advisor who deeply understands the roles of endowments in universities," adding that she would support both continued endowment growth and the Investment Office's stewardship of the university's financial assets. Peedin earned a 12.7 percent return on the endowment in the last fiscal year despite a recession-affected economy, steering investments toward emerging-market stocks in particular.
Hunnewell said the central challenge is to keep the portfolio, and the reserves built to manage uncertainty, "robust and fresh" as the global economy improves but remains uncertain. She joined Cambridge Associates in 1991, where her clients have included a $650 million educational institution, a children's hospital and research institution, pension funds, and a range of educational, cultural, religious, and conservation groups. She has also advised educational institutions on their in-house banks. Clients holding up to $2 billion in assets earned returns between 11 and 15 percent in fiscal 2010, according to the article.
Hunnewell studied economics at Princeton, graduating in 1983, and earned an MBA from Harvard Business School four years later. Sandra Urie, CEO and chairwoman of Cambridge Associates, called her "a wonderful colleague and talented consultant" and said the firm was pleased she was joining a university within its extended family.
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