“Managing Investment Risk: Optimizing Asset Allocation to Achieve Your Goals”
David Russ '86
Chief Investment Officer, Dartmouth College
An alumnus of the School, David H. Russ ‘86 was appointed chief investment officer for Dartmouth College on August 1, 2005. Most recently, he was Treasurer of the Regents and vice president for investments for the University of California system. He oversees Dartmouth’s Office of Investments, which directs the college’s investment strategy.
As chief investment officer, Russ is in charge of Dartmouth’s $3.7 billion endowment. The endowment, which comprises more than 5,000 individual funds, is among the 21 largest in the nation. The return on the endowment for the 2006-2007 fiscal year was 24.3%, and the annualized two-year return was 19.5%. Over the past two fiscal years the value of the entire endowment has grown by $1.06 billion through a combination of solid investment performance and the generosity of Dartmouth’s alumni and friends. This is the largest increase over a two-year period in the history of the college.
The $65 billion portfolio at the University of California included management of the university’s retirement, defined contribution and endowment funds, as well as the system’s cash assets. The endowment funds portion were greater than $7 billion. Russ also helped restructure UC’s $4 billion debt portfolio.
While overseeing UC’s investment strategy, Russ was invited to join the prestigious Institute for Quantitative Research in Finance. Dartmouth has also become a member of the “Q” Group. He is a member of the Berkeley Program in Finance and of the Association for Investment Management and Research and a member, and former Quantitative Committee Chair of the Security Analysts of San Francisco.
Russ was the senior portfolio manager at Stanford University and one of the founding members of Stanford Management Company from 1988 to 1994. At Stanford he was responsible for all internal trading, derivatives trading and debt issuance. From there, 1994 to 1997, he was director of investments of the $16 billion portfolio for Pacific Telesis Group in San Francisco.
Russ then returned to higher education, first as the managing director of public markets for the University of Texas Investment Management Company ($20 Billion, 1997 to 2001) and then as treasurer of the Regents and vice president for investments for the entire University of California system (2001 to 2005).
Russ earned a bachelor’s degree in genetics from the University of California, Berkeley, and a master’s degree in administration, finance and accounting from UC Davis while enrolled in both the Haas School of Business at UC Berkeley and the UC Davis Graduate School of Management.