Geoffrey Berg Named University of Rochester CIO, Succeeding Doug Phillips

Geoffrey Berg

Geoffrey Berg will join the University of Rochester as senior vice president and CIO, moving from his post as CIO of the $50 billion South Carolina Retirement System Investment Commission. He will succeed the retiring Doug Phillips, who has served as the Rochester, New York-based institution’s CIO since 2000.

Phillip’s retirement is effective September 30, and Berg will start on October 1. Berg will lead a staff of nine to manage the university’s $3.7 billion long-term pool, which includes its endowment, $1 billion in operating capital and $300 million in pension plans.

“Geoff is highly qualified and will undoubtedly continue the success of our investment program, building upon the strong foundation in place,” University of Rochester President Sarah Mangelsdorf said in a statement. “He brings a wealth of experience in investment management and a strong track record of strategic leadership in complex financial environments, and I look forward to working with him.”

As of June 30, 2024, the university endowment had a 35.9% allocation to public equity, 27.4% to private equity, 23.9% to hedge funds, 9% to fixed income and cash, and 3.8% to real assets.

Want the latest institutional investment industry news and insights? Sign up for CIO newsletters. 

The endowment has returned 1.1%, 8.7% and 7.4% annualized over the past three, five and 10 years, respectively.

“I am thrilled to join the University of Rochester. It is an honor to lead the Investment Office and to serve the community,” Berg saif in a statement. “I am fortunate to inherit a strong foundation established by my predecessor, Doug Phillips. I look forward to working with President Mangelsdorf, the senior leadership team, as well as the Investment Committee.”

The South Carolina RSIC announced Berg’s planned departure in July. Deputy CIO Bryan Moore will take on Berg’s duties on an interim basis.

Berg joined the RSIC in 2008 and became acting CIO in 2015, following the departure of CIO Hershel Harper. He was named CIO in 2016. Berg earned a bachelor’s degree in English from Georgetown University and an MBA in finance from the University of Iowa.

Tags: Endowment, public pension fund CIO, South Carolina Retirement System Investment Commission

Michael Gould

Lehigh University named Michael Gould as the interim CIO for the institution’s investment office on Wednesday. Interim duties for Gould, previously a director at the $2.2 billion endowment, were effective on August 1.

Kristin Agatone, the university’s CIO since 2016, is leaving in September to become CIO of the $3.7 billion Georgetown University endowment.

“I’m honored to step into the role of Interim Chief Investment Officer at such a pivotal time,” Gould said in a statement. “I look forward to working with our investment team, university leadership, trustees and stakeholders to continue building on the strong foundation in place.”

Lehigh, located in Bethlehem, Pennsylvania, will soon begin a national search for its long-term CIO, according to a statement from the university.

For more stories like this, sign up for the CIO Alert newsletter. 

Gould joined the Lehigh investment office in 2018 as an investment analyst, rising to director in 2022. He was previously a vice president of alternative investments at Citi Private Bank, where he was responsible for investment manager sourcing and due diligence.

He earned a bachelor of science degree in business administration, accounting and finance from the University at Buffalo School of Management.

As of June 30, 2024, Lehigh’s endowment had returned 10.5% over a one-year period and 4.9%, 9.4% and 7.8%, annualized, over the past three, five and 10 years, respectively.

The endowment has a target allocation of 37% to public equity, 30% to private equity, 20% to absolute return, 5% to real estate and 8% to treasuries and cash.