(April 3, 2013) – The second-largest grantmaking foundation in the United States is hiring.
Chris Doheny, former associate director of asset allocation and risk at the Ford Foundation, started Monday as a vice president at AQR Capital Management, according to sources at both organizations. Doheny had spent just over three years with the foundation, helping to manage the $11 billion portfolio under Director Mark Baumgartner.
A source at the Ford Foundation called Doheny's new role at the quantitative hedge fund "a fantastic job."
Doheny, when reached by telephone, declined to speak on the move. AQR's spokesperson did not return requests for comment by press time.
His departure leaves the associate directorship open—wide open. The foundation has chosen not to engage the services of a headhunter, and instead posted the vacancy on its website.
"The Associate Director, Asset Allocation and Risk, will apply quantitative skills, experience, and informed market judgment to enhance the foundation's risk management and asset allocation functions," according to the job description.
The foundation's investment team faces stricter liquidity constraints and higher return requirements than many of its institutional peers. Last year, it returned a net $1.2 billion on the portfolio, while also promising and disbursing $935 million in grants.
"Given our aggressive target, and potentially low expected returns from cash and beta, we need to bring substantial alpha into our portfolio to have the best chance of meeting our goal," Baumgartner told aiCIO during an earlier interview. "Alpha is not going away-but it's getting harder to access consistently. We want positive, consistent, sustainable alpha-that's the Holy Grail. However, that's difficult to achieve."
Up to the challenge? Apply here.