Advance — the family-owned media firm behind Vogue and Reddit — has hired a new investment chief, according to two people with knowledge of the matter.
Bei Saville took over the vast portfolio Monday. Her role involves investment advisory for the single-family office, a foundation, corporate treasury assets, and Advance’s pension and defined contribution plans, one of the people said.
Media mogul S. I. Newhouse and his family founded Advance in 1922, the company’s website said. Its media and publishing assets now include Condé Nast and major stakes in television network Discovery and telecommunications company Charter Communications.
The portfolio’s total asset value is unclear, but almost certainly in the billions of dollars. Forbes estimated the Newhouse family’s net worth at $18.5 billion in 2016, making it the country’s 11th-richest. Its single-family office serves 35 adult households and more than 100 individual family members, according to an executive’s LinkedIn profile. The Samuel I. Newhouse Foundation, which Saville oversees, reported $132 million in investments as of October 2016.
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Advance hired Saville away from a senior role at Northern Trust Asset Management’s outsourced-CIO division. She spent the last four years as senior client investment officer for endowment and foundation clients, according to her LinkedIn profile.
It’s unclear where her departure leaves Northern Trust, and who, if anyone, will directly succeed Saville. Spokespeople did not respond to questions sent Tuesday morning.
“Saville was a founder of the Helmsley Trust investment office, developed and implemented the overall investment strategy for the endowment, and was principally responsible for alternative asset classes,” Northern Trust Asset Management said in an announcement at the time.
Advance is said to have officially hired Saville as chief investment officer for treasury and the Fingerboard Family Office — an apparent reference to Advance’s nominal headquarters at 950 Fingerboard Road on Staten Island. In practice, the company works out of One World Trade Center in Manhattan, filings show.
Advance declined to comment. As of Tuesday evening, Saville’s LinkedIn profile still listed her prior role at Northern Trust.