By David G. Barry
After 17 years as vice president and chief investment
officer of the Kresge Foundation, Rob Manilla is set to retire and will
be replaced by Deputy CIO John Barker.
According to the Troy, Mich., foundation, the endowment
produced gains of nearly $4 billion during Manilla’s stewardship. It reported
assets of $4.66 billion in 2021.
In a statement, Kresge President Rip Rapson said that
Manilla has “curated one of the most creative and effective private endowments
in the country, attracting in the process a superbly gifted group of young
investment professionals” and has also “helped shape the foundation’s grantmaking
and social investment practices through his expertise, experience and insight –
and his deep commitment to our mission.”
Among the things that Manilla did during his time was
establish student-managed investment funds at two metro Detroit academic
institutions: Oakland University and Wayne State University. Each $2 million
fund complements an undergraduate course that provides students with real-world
investment experience and covers the essentials of portfolio management, stock
selection and portfolio evaluation.
Barker joined the foundation’s investment office in 2007
from the University of Notre Dame investment office, where he was an
assistant investment director.
The Kresge Foundation focuses on expanding opportunities in America’s
cities through grantmaking and social investing in arts and culture, education,
environment, health, human services and community development, nationally and
in Detroit, Memphis and New Orleans.
