Fresh off its commitment to go “all in” on mission-related investing, the $4 billion California Endowment has named its next chief investment officer, who will oversee the strategy.
Kelli Washington, managing director of research and investment strategy at the Cleveland Clinic since 2017, will step into the role in September.
She has long been thought of as a strong CIO candidate — in 2021, a source told Institutional Investor that any time an interesting CIO position pops up,” they expected Washington to step into the role.
“I'm truly thrilled about this opportunity,” Washington said. “I'm just so impressed with the mission of the California Endowment. It's a continuation of the work I started here at Cleveland Clinic, helping people have access to healthcare so that they can lead healthier lives.”
The seat was vacant for a year after former CIO David Greenberg left for the Virginia Tech Foundation in May 2023. Mike Wee had been serving as the interim CIO.
“After a national search, we are excited to have selected Kelli Washington, as the new chief investment officer for The California Endowment,” said Dr. Robert Ross, president and CEO at the fund. “Kelli brings with her decades of experience in the investment industry along with understanding the importance of ensuring positive health outcomes for all communities, which aligns perfectly with the mission and values of The California Endowment.”
Washington isn’t the California Endowment’s only recent hire. In March, the nonprofit tapped a new chief executive officer and president, Brenda Solórzano from Headwaters Foundation in Montana, who will officially join in September. She will succeed Ross.
The endowment also has a fresh investment mandate. In November, the board voted to funnel all of its assets into mission-related investments. Since its inception, the California Endowment has had screens in place to avoid investing in tobacco, private prisons, and firearms manufacturers.
Now it’s ready to do more. With Washington at the helm, the endowment will release a new investment framework later this year.
At Cleveland Clinic, Washington provided quantitative and qualitative analysis and market research to the investment office, which aided in its periodic rebalancing and tactical decision-making. She also monitored performance, risk, current events, and organizational changes of the healthcare system’s investment managers.
“Her work here over the last seven years has been extraordinary,” said Cleveland Clinic chief investment officer Stefan Strein by phone. “She's touched every single one of the portfolios that we manage from an asset allocation and tactical team perspective. She's been instrumental in our success and we’re thrilled that she has this new opportunity. Her work here over the last seven years has been extraordinary.”
Washington’s departure follows two others from the Cleveland Clinic who went on to become chief investment officers. In early 2023, Adam Smith departed to become CIO at Corewell Health. Alex Ambroz, meanwhile, departed in 2022 and has since become CIO at abrdn’s Irish division.
Prior to joining the Cleveland Clinic, Washington was a managing director at Cambridge Associates. During her nearly ten years at the consulting firm, she rose through the ranks and led or co-led ten client relationships.
“My experiences over the last 20 years now have all led to this, from my time at the Yale School of Management to my time at Cambridge Associates, and my time here at the Cleveland Clinic,” Washington said. “They have all been building blocks to get to this opportunity. I'm so thankful to the people who have been a part of this.”
Washington spent the early part of her career at Edward Jones Trust Company, serving across a series of roles. An alum of Washington University in St. Louis, Washington was an executive chair of the board. She still serves as a board member for the university’s investment office.
She also serves on the board of directors at the Toigo Foundation, which is focused on improving diversity in finance.
“We look forward to welcoming Kelli to our leadership team and know that she will do her best to oversee the multi-billion-dollar endowment focused on improving the lives and health of all Californians,” Ross said.
