New York Public Librarys Chief Investment Officer Todd Corbin has left for a position with outsourced-CIO firm Summit Rock Advisors, a spokesperson for the library confirmed.
The citys library system has hired executive recruiting firm Goldsmith & Co. to search for a new CIO, the spokesperson said, noting that Corbins last day of a nine-year tenure leading the $1 billion endowment was February 28. In the interim, Vice President of Finance Michael Dardia is covering his former investment responsibilities.
Summit Rock, which maintains a low profile in a crowded outsourced-CIO market, did not respond to a phone call seeking comment about Corbins new position. The New York-based firm managed $11.6 billion for 37 high-net-worth families and charities at the end of last year, according to its webpage showing the bio of co-founder Nancy Donohue.
Corbin joined the New York Public Library in April 2008, after spending two years in Citigroups fund-of-hedge-funds unit. He oversaw his first institutional investment portfolio from 2003 to 2006, managing a $250 million endowment for the Brookings Institution, a Washington-based think tank.
Corbins replacement at New York Public Library will inherit a larger pool of assets than when he began as CIO during the global financial crisis. Under his leadership, the endowments assets increased to $1.04 billion, across 418 individual funds, in June 2016, from $753 million in June 2008, the organizations financial statements show. Corbin earned $568,183 in total compensation in 2014, according to the nonprofits filings with the Internal Revenue Service.
The Manhattan-based library system expanded its hours and staff following a record-breaker financial year in 2015, Treasurer Iris Weinshall wrote in its most recent annual report, published a year ago.
Good results of FY15 have put the library in a strong financial position, Weinshall wrote, noting that increased funding from the city also helped more of its branches operate seven days a week. All of this will require continued strong management of our financial resources, she said.