CIO search underway for Phillips Academy’s NY investment office
Michael Reist to step down this spring
January 31, 2017
—Phillips Academy Head of School John Palfrey recently announced an upcoming leadership change at the school’s New York City investment office. After serving six years as Chief Investment Officer, Michael Reist has decided to step down this spring to pursue other opportunities. Reist joined the office in 2006 as director of investments and, following a national search, was appointed CIO in 2011.
“We are deeply grateful for Michael’s commitment to the school and his principled approach to managing Andover’s endowment assets,” Palfrey wrote in a letter to the community. “During his 10 years as a member of the investment office, the endowment has performed extremely well, returning an annual 6.9 percent for the 10-year period ending June 30, 2016.” This result places Andover’s endowment performance among the top quartile of school endowments and charitable foundations.
“Andover is a special place, and I am proud to have contributed to its success,” said Reist. “I am especially grateful to have had the opportunity to work with such dedicated and professional colleagues.”
Among those colleagues is Amy Falls ’82, who served as Andover’s first CIO, prior to her appointment to the Board of Trustees and roles as treasurer and chair of the Investment Committee. She has worked closely with Reist, both as a team member and most recently as a trustee, and described his partnership as “instrumental to the endowment’s strong performance during a range of favorable and turbulent economic climates.”
On behalf of the board and the Investment Committee, Palfrey and Falls thanked Reist for his stewardship of one of the Academy’s most important financial resources. He helped to develop the systems and protocols that, along with a disciplined approach to investing and risk management, have led to consistently strong results.
Established in 2005, Andover’s CIO position was the first among traditional independent schools. The search for the next CIO will be chaired by Falls in consultation with David Barrett Partners. Michael Shay, director of investments, will serve as interim CIO after Michael Reist’s departure and until the position is filled.