University of Notre Dame chief investment officer Scott Malpass will retire at the end of June, the school president announced Friday.
Private equity managing director Michael Donovan has been picked to take over the more than $14 billion portfolio as the next CIO.
Under Malpass’s 32-year tenure, Notre Dame’s endowment grew from $425 million in 1989 to $12.5 billion as of last June. He and his stable team of investors have, year after year, delivered among the highest returns of any major institutional capital pool.
[II Deep Dive: Why Notre Dame’s Scott Malpass Is Still Smiling]
“The university’s average annual endowment returns over the past 30 years have ranked among the best in higher education and beyond,” university executive vice president Shannon Cullinan said in a statement Friday. “However, I believe Scott’s greatest gift to Notre Dame is the outstanding investment team he has assembled to ensure future generations of students, faculty, and staff will benefit from the exceptional stewardship of our endowment.”
Malpass’ soon-to-be successor has only nine fewer years at the investment office than his boss. Donovan and Malpass were roommates at Notre Dame in the early 1980s, according to a 2013 Wall Street Journal article.
Donovan “has led our private equity investments since 1997, and delivered impressive returns for that portion of our portfolio,” EVP Cullinan said. “I have complete confidence in Mike and the investment team.”