January 19, 2018 – Executive search firm Goldsmith & Co. has placed Geetanjali Gupta as the new chief investment officer of the New York Public Library. She replaces outgoing chief investment officer Todd Corbin. The search committee was led by the chair of the library’s board of trustees investment committee, Dinakar Singh, with board of trustees chairman Evan Chesler, trustees Ray McGuire and Tony Yoseloff, and COO Iris Weinshall.
“After a thorough search, we are excited to welcome Geetanjali to the New York Public Library,” said Mr. Singh. “Her experience sets her apart in our industry, and her vision and values are well aligned to the library’s present and future. I look forward to her leadership and to working with her on the investment committee.”
Ms. Gupta will work closely with the board of trustees investment committee to manage the library’s financial assets and endowment, currently valued at $1.2 billion. She will start on Feb. 26.
“I am thrilled to welcome Geetanjali to the New York Public Library,” said Tony Marx, president and CEO. “She is a proven and trusted investor, with demonstrated expertise of strong long-term portfolio performance. We look forward to Geetanjali’s financial stewardship and to the ways her leadership will strengthen our ability to serve library communities for many years to come.”
Ms. Gupta was with the Harvard Management Company in Boston for more than 10 years, most recently serving as senior vice president of absolute return and public market funds. In this role, she helped manage portfolios valued at more than $15 billion across a wide array of asset classes globally. Earlier in her career, she worked for Goldman Sachs in the investment banking division.
“As the nation’s largest public library system, serving more than 17 million patrons each year, our investment strategy must be robust and forward-thinking,” said Ms. Weinshall. “The New York Public Library will greatly benefit from Geetanjali’s thoughtful analysis, portfolio and team management expertise. We are eager to welcome her to the library and to New York City.”
Ms. Gupta said she was excited to join the library’s leadership team. “I hope to achieve excellent returns, build an outstanding investment team and be an active leader in advancing the library’s fundamental mission of strengthening diverse communities and inspiring a new generation of learners and researchers,” she said.
The New York Public Library was created in 1895 with the consolidation of the private libraries of John Jacob Astor and James Lenox with the Samuel Jones Tilden Trust. The library provides free and open access to its physical and electronic collections and information, as well as to its services.
Goldsmith & Co, based in New York, specializes in connecting companies in the global financial services industry with senior executives and experienced investors. The firm is solely dedicated to providing search services to commercial and investment bank, brokerage firm, asset management, hedge fund, private equity, and private foundation and endowment clientele. Partner Joe Goldsmith leads the operation.
Turning to Search Firms
As globalization, change, and disruption create opportunities and risks in the investment management sector, demand for seasoned financial talent is rising. Demand for executive level, “high impact” investing talent has been on the rise, and in the years ahead it is expected to soar. Recruiters say the need for chief investment officers across the asset allocator spectrum, including endowments and foundations, and corporate, public and state plans, have significantly increased in number over the last five years as expectations of performance has ratcheted up since the financial crisis.
A number of organizations of all types of have turned to executive recruiters in recent months to help find new investment leaders. Here’s a sampling from the Hunt Scanlon Media archives:
$219.6 billion West Sacramento-based California State Teachers’ Retirement System (CalSTRS) has retained executive search firm EFL Associates to finds its next deputy chief investment officer. Current CIO Michelle Cunningham will be retiring. Executive vice president Mary L. Hobson is leading the search along with SVP and managing director Daniel J. Cummings.
Heidrick & Struggles recently recruited Douglas C. Wesley as chief investment officer of Illinois State Universities Retirement System (SURS), an agency in the State of Illinois government that administers retirement, disability, death, and survivor benefits to eligible SURS participants and annuitants.
David Barrett Partners placed Alice A. Ruth as CIO of Dartmouth College. Ms. Ruth, who spent the last eight years as chief investment officer for Michael Bloomberg’s family office, Willett Advisors, will oversee Dartmouth’s investment office and management of the College’s $4.5 billion endowment.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media