Phillips’ stewardship, insight, and foresight strengthened his management of the University’s investments.
Doug Phillips, senior vice president and chief investment officer at the University of Rochester, has announced his plans to retire, effective September 30.
Phillips joined the University in October 2000 as vice president for investments, after 14 years in a similar role at Williams College. At Rochester, he worked closely with the Board of Trustees’ investment committee and nine staff members of the Investment Office to oversee the University’s investments, which consist of a $3.7 billion long-term pool, nearly $1 billion in operating capital, and $300 million in pension plans. He is also chairman of the University’s retirement plan committee, which oversees a $7.8 billion defined contribution plan for more than 42,000 participants. Early in his career at the University, he oversaw the advancement and communications offices, helping to improve these functions through centralization, increased staffing, and budget allocation. That effort laid the groundwork for the largest capital campaign in the University’s history, the Meliora Challenge, which raised $1.37 billion.
With the critically important responsibility of managing the University’s permanent sources of funding, Phillips’s guiding principles have been to achieve performance over five- and ten-year periods that exceed the public benchmark; steadily increase annual spending adjusted for inflation; and achieve results that rank in the upper half of peers. He notes that the endowment is as old as the University, and now consists of more than 3,000 individual funds.
“Doug has been leading our Investment Office since before I began as president, and I have been continuously impressed with his tremendous foresight in managing our investments when our world and our University confronted uncertainty and challenges,” said University President Sarah Mangelsdorf. “His stewardship and fiduciary mindset, and clear, concise communication on investment matters have always been spot-on. I want to thank him for his 25 years of distinguished service.”
Adds Board Chair Rich Handler ’83: “Doug has selflessly dedicated his heart, soul, and extraordinary competence for the benefit of our University of Rochester. He has displayed consistent and keen investment insight, disciplined stewardship, and constant focus on long-term results. His ability to ignore the tremendous noise that occurs in every market dislocation and focus entirely on backing the highest quality managers and the right diversification strategy for our endowment has strengthened our University tremendously. I thank him for his commitment and dedication and for always making our University ever better.”
Phillips notes the importance of performing this work in alignment with the University’s values and in consideration of its many stakeholders, exemplified by the investment committee’s collaboration with the Faculty Senate’s ethical investment advisory committee. Among his additional accomplishments, Phillips founded and chaired, for over 20 years, the investment committee of the $4 billion Medical Center Insurance Company, which provides malpractice insurance to the University’s medical professionals.
In 2010, he received the Rodney Adams Award from the National Association of College and University Business Officers for outstanding management of endowments. In 2020, he received the Icon Award from the Rochester Business Journal for his long-standing commitment to the Rochester community and significant professional accomplishments.
Phillips has been an active volunteer locally and internationally, and served three terms on Rotary International’s investment committee, including as its vice chair. He is currently a member of the Templeton Foundation’s investment committee and previously served on the investment committees of the American Red Cross and the New York State Common Retirement Fund. He serves or has served on several not-for-profit boards or investment committees in Rochester, including the Farash Foundation, The Strong Museum, Al Sigl Center, Gateways Music Festival, and the Rochester Philharmonic Orchestra.
“It has been a wonderful privilege for me to work at the University of Rochester, which is an organization with such a rich and unique history,” says Phillips. “In my 25 years here, I witnessed the University evolve from a strong regional university to a nationally prominent institution that is now also the largest part of our region’s economy. I am thankful for the opportunity to serve the people of the University of Rochester and for the wisdom and sage advice provided by our trustees, colleagues in the Investment Office, and many friends in the investment community. I also want to acknowledge the thousands of donors who expressed confidence in the future of our University through their donations to endowment funds.”
In retirement, Phillips plans to stay in the Rochester area and will serve on the investment committee of the University of Pittsburgh Medical Center board. He also expects to serve on the board of a world-renowned medical research institute, in addition to continuing his service to local organizations.
Phillips’ successor in the chief investment officer role will be announced in the coming weeks. A national search has been chaired by University Trustee Naveen Nataraj ’97, who also heads the Board’s investment committee.
“In addition to his stewardship of the University’s investments that resulted in steady performance that exceeded our benchmarks over an extended period of time, I also want to recognize Doug for his dedication to the mission of the University and his many contributions to the University community,” said Nataraj. “On behalf of the Investment Committee, I extend our deep gratitude to Doug for his 25 years of exemplary service, and wish him the very best in his future endeavors.”
