The Conrad N. Hilton Foundation made its new investment leadership official today. Former Directors Michael Buchman and Yatin Patel are now co-CIOs.
Patel and Buchman took over leadership duties in May, after former CIO Randy Kim resigned for personal reasons. The $5.6 billion foundation said at the time it was not looking externally to fill the job.
It is rare to have the advantage of two uniquely talented individuals working closely alongside one another to manage our investment portfolio and team, Hilton Foundation President and CEO Peter Laugharn said in todays announcement.
Hiltons new co-CIOs joined the organization within months of one another in 2009. Patel arrived from Barclays corporate development team, and Buchman from real estate finance.
Before ascending to the top jobs, Patel led public equities for the fund, while Buchman directed private equity and real assets.
Hilton family members represent the majority of board members for the Agoura Hills, California-based non-profit. The hotel chains founder established the foundation in 1944, and it has since contributed more than $1.5 billion to alleviate human suffering worldwide.