The Board of the MIT Investment Management Company (MIT IMC) has selected Seth Alexander, a director of the Investment Office at Yale University, as the next president of the MIT IMC, effective May 15, 2006.ï¿½ï¿½
Alexander has been a member of the Yale Investment Office for over 10 years. He has been deeply involved in the management of the university's investments and portfolio strategy, and has particular expertise in marketable securities, timber, asset allocation, hedge funds and international investments. Yale's investment performance has been exceptional among university endowments over the past 20 years.
The MIT IMC was established in 2004 as a separate division of the Institute to manage the Institute's endowment. Its board of directors, chaired by MIT Corporation member Theresa M. Stone, is appointed by, and reports to, the Executive Committee of the MIT Corporation.ï¿½ï¿½
Commenting on the appointment, Stone said, "Seth Alexander brings outstanding strategic, analytical, and personal qualities to his new position.ï¿½ï¿½ The IMC Board is confident that he will continue the highest standards of investment excellence and commitment to the mission of MIT that Allan Bufferd and his Investment Office colleagues have exemplified."
Alexander succeeds Allan Bufferd, treasurer of the MIT Corporation, who has been a member of the MIT administration for 34 years.ï¿½ï¿½ Bufferd has participated in the management of MIT's invested funds for most of that time, including his leadership as MIT's chief investment officer for the past 19 years. He became treasurer in 1999, and in July 2004, he became the first president of the MIT Investment Management Company.
President Susan Hockfield, commenting in a letter to the MIT faculty and staff, said, "Dr. Bufferd and his outstanding team in the Investment Office have done a superb job growing MIT's endowment and pension assets, and it was a major challenge to find a successor who could meet their standards of performance.
"I am delighted to say that Ms. Stone and her colleagues have succeeded, and I hope you will join in welcoming Seth Alexander and his wife Cristina, a medical resident at Brigham and Women's Hospital in Boston, to the MIT community."
A version of this article appeared in MIT Tech Talk on April 5, 2006 (download PDF).