By Muskan Arora
Ken Lee
plans to join the $4.5bn California Institute of Technology as chief
investment officer, after being poached from Children’s Health System of Texas, and will start in April.
Lee has worked as a CIO of the $2bn endowment of Children’s
health since 2020.
In the new role, Lee will replace CIO Scott Richland,
Caltech’s long time CIO who stepped down in December after 14 years of working
in the role.
In between the handover, Doug MacBean, senior managing
director for investments, is serving as an interim CIO.
Please Click Here to Register Now!
“Ken’s broad experience across the financial sector,
demonstrated success as an investment manager, idealism about and commitment to
university values, and appreciation of what makes Caltech special, make him a
wonderful fit,” said Rosenbaum in a statement.
Richland, during his tenure, grew the assets under
management from $1.6bn to $4.6bnn, as of April. With the annualized return of
8.5%, the CIO and his team placed Caltech in the top quartile of university endowments,
further delivering $2.7bn in investment return.
Prior to serving at Children’s Health, Lee held the position
of a managing director at the Carnegie Corp. of New York for over a decade.
He earned his Bachelor of Arts degree in economics and East
Asian studies from Yale University and an MBA from the Wharton School at the University
of Pennsylvania.
Note: Markets Group will celebrate Scott Richland with a Lifetime Achievement Award at the Southern California Institutional Forum in Los Angeles on June 12. Allocators, please register here to join the celebration.
