By Muskan Arora
Geoffrey Berg, former chief investment officer of the $50B South Carolina Retirement System Investment Commission will join the University of Rochester as its senior vice president and CIO, starting October 1.
Berg will succeed Doug Phillips, who served as a CIO at the university since 2000. In his new role, Berg will lead a staff of nine to manage the university’s $3.7B long-term pool that includes its endowment, $1B operating capital, and $300M in pension plans.
“Geoff brings a wealth of experience in investment management and a strong track record of strategic leadership in complex financial environments, and I look forward to working with him,” said Sarah Mangelsdorf, the university’s president, in a statement.
The endowment returned 1.1%, 8.7% and 7.4% for its three, five and 10-year returns.
As of June 30, 2024, the endowment had an allocation of 35.9% to public equity, 27.4% to private equity, 23.9% to hedge funds, 9% to fixed income and cash and 3.8% to real assets.
The South Carolina Retirement System announced Berg’s departure in July, noting deputy CIO Bryan Moore has stepped in to take on Berg’s responsibilities on an interim basis.
Berg joined RSIC in 2008 and was promoted to the role of acting CIO in 2015, following the departure of CIO Hershel Harper. He was named CIO in 2016.
As CIO of the RSIC, Berg developed and implemented top-down asset class blueprints to establish clarity and alignment by highlighting the target portfolio, core principles, and key initiatives for each asset class.
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