Dartmouth College hired wealth manager Alice Ruth as chief investment officer overseeing the Ivy League school’s $4.5 billion endowment.
Ruth, 55, an alum who’s a member of Dartmouth’s investment committee, will succeed Pamela Peedin in April, the college said Monday in a statement. Peedin in November announced her plan to step down after six years as head of Dartmouth’s 13-person investment office.
Dartmouth is among institutions with large endowments that have been searching for new investing chiefs. Cornell University, another Ivy League school, last year hired Kenneth Miranda as CIO. Like Ruth, he was also a member of the school’s investment committee. The University of Texas Investment Management Co. plans to name a chief executive officer to replace Bruce Zimmerman.
While Dartmouth trails most other Ivy League schools in terms of the size of its endowment, it has among the best performance over the past five years. It’s delivered an annual average return of 8.8 percent, trailing only Princeton University and Yale University. The college is located in Hanover, New Hampshire, and its investment office is in Boston.
Ruth was chief investment officer of Willett Advisors, the investment adviser for former New York Mayor Michael Bloomberg’s family office and family foundation established in 2010, according to the statement. Bloomberg is the founder and majority owner of Bloomberg LP.