Emory Universitys Chief Investment Officer Mary Cahill
plans to depart after nearly 17 years with the schools
investment management company, a spokesperson confirmed Monday
to Institutional Investor.
Cahill is retiring effective August 1, the university said
in a statement. Emory plans to conduct a search for her
replacement, which will be started by executive vice president
of business and administration Christopher Augostini. He will
take over CIO duties in the interim, the statement said.
Emory Investment Management ran a $6.5 billion portfolio as
of August 31, 2016, including endowment and health care assets.
Cahill has led the division since January 2001, serving as CIO
and senior vice-president of investments. She did not respond
to a request for comment.
Prior to joining the Atlanta, Georgia-based private
university, Cahill spent time at Xeroxs retirement plan,
ending her tenure as deputy chief investment officer in
She leaves behind a team of approximately 25 people,
according to a
profile published by the school last year.
1.9 percent for the 2016 fiscal year ending August 31 and
6.2 percent annualized over five years, net of all fees. Most
post-secondary institutions follow a June 30 fiscal year,
making direct peer performance comparisons challenging. During
the 12 months ending last August, the Standard &
Poors 500 stock index returned 13 percent compared with
Emorys 1.9 percent, perhaps due to the portfolios
concentration in hedge funds and away from listed equities.
Emory continues to maintain a well-diversified
portfolio, to invest with best-in-class external partners, and
to seek opportunities to add value throughout market
cycles, Cahill said in the 2016 return announcement.
The institution said Cahill diversified Emorys
portfolio during her tenure, and implemented a
disciplined and structured investment and operating process
that led to growth in endowment assets.