Almanac Between Issues June 24, 2004
Chief Investment Officer: Kristin Gilbertson
Kristin A. Gilbertson has been named chief investment officer for the University, according to Craig Carnaroli, senior vice president for finance. Ms. Gilbertson will begin her new duties on August 15.
Ms. Gilbertson was previously Managing Director, Public Equities at Stanford Management Company in Menlo Park, California.
In her new role, Ms. Gilbertson will be responsible for overseeing management of the University's $3.9 billion endowment including assisting Penn's Investment Board in formulating investment strategy; identifying new investment opportunities; evaluating manager performance; and overseeing the investment of Penn's $600 million pension plan.
"Kristin is a talented investment manager with a wealth of experience in developing successful and innovative investment strategies," Mr. Carnaroli said. "She is the ideal person to lead Penn's Office of Investments as it strategically manages the University's assets to maximize investment returns and position Penn to meet the financial challenges that lie ahead."
At Stanford Management Company, Ms. Gilbertson was responsible for the public equity and long/short portfolios for Stanford University's 9.8 billion endowment.
"I am delighted that Kristin will be joining Penn as chief investment officer," said Penn President-elect Amy Gutmann, who will assume the post July 1. "She is a highly skilled and successful investment analyst with a keen understanding of the challenges faced by large diverse organizations in today's global economy."
Prior to joining Stanford in 2002, Ms. Gilbertson spent 10 years at the World Bank in Washington D.C., where she was most recently a principal investment officer and strategist in the Investment Management Department. Ms. Gilbertson managed U.S. and International Equity portfolios and was also active in all asset allocation decisions for the $10 billion pension portfolio and the $1 billion medical benefits portfolio.
"We are indeed fortunate to have attracted someone with Kristin's depth and breadth of experience in the financial sector, both on a national and international level," said Howard Marks, Penn trustee and chair of Penn's Investment Board. "As head of the investment board, I look forward to working with her as we develop new strategies to grow the University's endowment and increase investment returns."
Prior to being recruited into the Investment Management Department in 1998, Ms. Gilbertson served as an Urban Economist for the Europe and Central Asia Region of the World Bank and was responsible for municipal finance and infrastructure investments in the former Soviet Union. She joined the World Bank in 1992.
Ms. Gilbertson received her B.A. degree in economics from Harvard University in 1987, and MBA degree from Stanford University in 1992. She is also CFA charterholder.