Growing Endowment, Complexity Of Investments Spurs Creation Of Penn State Investment Council
September 8, 2000
University Park, Pa. — In response to an increasing asset base and the complexity of modern investment strategies, the Board of Trustees today (Sept. 8) approved a resolution creating a Penn State Investment Council to provide direct oversight of the University’s growing endowment and long-term investment program.

The Council replaces both the existing investment committee and external advisory council. Consisting primarily of investment professionals who manage or oversee investment programs, the Council is charged with regularly reviewing asset allocation, new asset classes, investment strategies, and manager performance.

It will provide semi-annual updates and reports regarding investment performance to the Board of Trustees.

"The investment committee and endowment advisory council have served Penn State very well over the past several years," said Gary C. Schultz, senior vice president for finance and business at the University. "The new Investment Council streamlines and focuses the oversight of our investments, and the structure of the Council with both internal and external representation allows the University to benefit from a variety of perspectives."

Chaired by Schultz, the Council is comprised of nine members appointed by the Board of Trustees. Other Penn State administrators on the Council include: David E. Branigan, executive director of the office of investment management; Kenneth S. Babe, corporate controller; and Rodney P. Kirsch, vice president for development and alumni relations.

In addition, five non-University members will each serve one-year renewable terms on the Council. Those members, also appointed by the Board, include:

Timothy J. Crowe, vice president and chief investment officer of The John S. and James L. Knight Foundation in Miami; Kenneth G. Mertz II, chief investment officer of Emerald Advisers, Inc. in Lancaster; Arthur D. Miltenberger, vice president and chief financial officer (retired) of R.K. Mellon & Sons in Ligonier; Arthur J. Nagle, managing director of Vestar Capital Partners in New York; and Linda B. Strumpf, vice president and chief investment officer of The Ford Foundation in New York.

Contact: Tysen Kendig, Department of Public Information, (814) 865-7517 or .