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By Rebecca Keister
PBN Staff Writer
PROVIDENCE – Joseph L. Dowling III has been named the new chief investment officer at Brown University effective June 2013, the school announced Thursday.
In his new position, he will be responsible for developing and implementing an investment strategy for the university’s long term pool, a $2.8 billion asset primarily made up of the university’s endowment.
Dowling replaces previous CIO Cynthia Frost, who retired at the end of 2012 after 12 years in the position.
Dowling most recently was with Narragansett Asset Management in Stamford, Conn. He will lead the university’s investment office and manage its team of investment professionals that supports the corporation’s investment committee and the university’s strategic priorities, according to a press release.
“Few positions at the university have so direct a bearing on Brown’s long-term vitality as the chief investment officer,” Brown President Christina Paxson said in a statement. “Joe Dowling is an accomplished investment executive who understand the ambitions and needs or private universities; he understands Brown.”
Dowling and the investment office will identify, select and monitor investments. He also will be responsible for communicating investment policies, performance and practice to the university community.
Brown’s endowment will supply 12.2 percent of its $902 million operating budget for fiscal year 2014.
The endowment supports student financial aid, professorships, graduate student fellowships, library acquisitions, the division of biology and medicine, more than 60 academic programs, all varsity sports, and building maintenance.
Dowling is a Providence native who earned a bachelor’s degree from Harvard College in 1987 and an MBA at the Harvard Business School in 1993.