2023’S BEEN SPENT waiting. Baseline growth forecasts coming into this year called for a pronounced slowdown, especially in advanced economies. Instead, corporate earnings continued to grow amid aggressive central bank rate hikes that made money expensive, and markets capital starved, making the leadership and discipline of a CIO especially important.

Navigating the minefields of investing while recruiting, developing and retaining talent continued to challenge CIOs everywhere alongside the ongoing regime shifts of deglobalization, demographic changes and political polarization. It was critical to divine corrections from recalibrations as long-standing sources of growth like private equity and venture capital failed to generate returns.

Leadership is always most critical in turbulent times. In 2023, it was crucial for funds to hold to their investment convictions and their asset allocation plans, even as the denominator effect took its toll. CIOs were called on to guide funds, use their authority and insight to drive investment results, and share their experience to help others, collaborate and bring new ideas to light.

Leadership takes on many forms. This year, for our annual Power 100 list of CIO allocators, we found it in gravitas, adaptability, tenure, assets under management and change-making.

As the post-pandemic disruption continues to roil workplace norms and rising rates put cash returns even with where high-yields bonds were not long ago, many CIOs continue to maintain calm and guide their organizations through tough choices about public and private markets and so much more.

There are few comparables when measuring against different board mandates in a universe that spans different regions and the gamut of public pensions, corporate pensions, endowments, foundations and sovereign wealth funds. Risk appetites, as well as return-filing deadlines, vary per plan and per plan type, so the AUM figures we offer represent a ballpark figure of the funds’ current assets.

Tenure, for this list, was rounded up to the nearest year, and our list focuses on people who have been in their posts one year or more. In most cases, we have left those who retired during the year off this list, although we do wish them well. Also in most cases, we did not feature their replacements on this list; we want the new arrivals to have time to settle in.

It is no simple task to foresee the future.

Yet in reviewing our Power 100 list, one thing is for certain: Those who have made it to the CIO seat and on this 2023 list mostly, and perhaps crucially, continue to guide their funds through volatile times and are disciplined enough to navigate whatever is ahead. Charlie Munger said, “The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.”

These CIOs are the ones adapting to myriad changes on multiple fronts, while still abiding the underlying principles for the sake of the institutions and beneficiaries who rely on them. This is an alphabetical list.

Again this year, a special thank-you to CalSTRS CIO Chris Ailman, who reached out to the international CIO community to add names to the CIO Hall of Fame. The names may not appear on our Power 100, but there are many CIOs who deserve a full limelight before they head to a well-won retirement.

—Amy Resnick, Executive Editor, CIO

CIO Hall of Fame 2023 Inductee Class

With the help of CalSTRS CIO Chris Ailman and a newly formed committee, Chief Investment Officer recognizes the newest Hall of Famers.

The Chief Investment Officer Hall of Fame—emphasis on Investment, because there’s growing confusion about the initials CIO—has a robust roster of 60 members, announced in 2016, 2021 and 2022.

This year, I am pleased to announce we now have a Veterans Committee to help nominate CIOs of the past. A rare trifecta of asset owners—Mansco Perry of State of Maryland, Macalester College and Minnesota State Board of Investment fame; the legendary Bob Maynard of the Public Employee Retirement System of Idaho; and the bigger-than-life Brit Harris of Verizon, Texas Teachers and UTIMCO—are the initial members. I will gladly accept other volunteers from the endowment and family office world.

The qualifications to make the Hall of Fame are identical to those of other famous halls: a long and successful career; respect from colleagues; and efforts that brought honor to our profession. I have had a few suggestions for asset owner CEOs, but that is a different job, and they can develop their own Hall of Fame, so this list is just chiefs of investment portfolios.

Last year, I proposed we name the Hall after the greatest of all time, David Swensen of Yale University, but in talking with his wife and family, they declined and shared, sadly, that David did not believe in peer recognition. I respect Mr. Swensen so much, I considered dropping the Hall of Fame, but when I look at the careers of some of our industry giants and investment portfolio legends, I feel we need to honor the past and best of our profession. So with that thought, below are the 2023 inductees.

—Christopher Ailman, CIO, CalSTRS

The 2023 Inductees into the Hall of Fame

Endowments

• Collette Chilton
  Williams College
• Kathleen Jacobs
  NYU Endowment & NY Presbyterian Hospital
• Mark Schmidt
  University of Chicago

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Foundations

• David Holmgren
  Formerly Hartford Healthcare
• Laurance (Laurie) Hoagland
  William and Flora Hewlett Foundation
• Randy Kim
  Conrad N. Hilton Foundation and Rainwater Charitable Foundation
• Susan E. Manske
  MacArthur Foundation
• John Otterlei
  Bush Foundation
• James (Jim) Williams
  J. Paul Getty Trust

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U.S. Public Pensions

• Larry Johansen
  New Hampshire Retirement System (NHRS)
• Alan Van Noor
  Pennsylvania Public Schools
• Tom Tull
  Texas ERS

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U.S. Corporate Pensions

• Judy Mares
  Alliant Technologies, General Mills, EBSA
• Robert Hunkeler
  International Paper