Caltech CIO Scott Richland to Step Down in December

The investment chief was at the helm of the university's investment office for 14 years. 



Scott Richland, CIO of the investment office of the California Institute of Technology will step down in December, the university office of the president announced in
a letter on Monday. Scott was appointed CIO of the investment office in 2010, succeeding Sandra Ell. 

Under Richlands tenure, the investment office grew Caltech’s assets to nearly $4.6 billion from $1.6 billion, representing an annualized 8.5% return for the ten-year period ending June 30, 2023. The investment office, under Richland, generated more than $2.7 billion in investment returns, funding $2 billion in distributions to support the university, the president’s letter stated.  

As of fiscal year 2022, the Caltech endowment held 24% of its assets in developed market equities, 7% in emerging markets equities, 25% in alternative securities, 26% in private equity and venture capital, 12% in real assets, 1% in global fixed income and 5% in cash and other asset classes.  

Richland has held a number of positions across his 40-year investment career. Prior to his appointment at Caltech, he held roles including president at Luna Bay Investors, president at Andell Holdings and managing director at AIG Global Investment. He also held several senior and executive roles at SunAmerica.  

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Richland, who was a finalist for CIO’s 2021 Industry Innovation Awards in the endowments category, sits on the board of directors of Foldax and Pasadena Private lending, and previously sat on the boards of United Educators Insurance and AIG Life and Retirement Companies.  

According to the letter, Richland plans to focus on his board appointments and philanthropic endeavors after he steps down from Caltech. Caltech president Thomas F. Rosenbaum announced in the letter the university will begin a nationwide search for a successor to Richland. 

Richland holds a Bachelor of Arts in political science and government from UCLA, and an MBA from Stanford University Graduate School of Business.  

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