Scott Richland to Step Down December 2024

To: The Caltech Community
From:  Thomas F. Rosenbaum, Sonja and William Davidow Presidential Chair and Professor of Physics

Scott Richland, who has served Caltech with consummate skill and dedication since 2010, has announced that he will step down from his role as Chief Investment Officer on December 31, 2024. During his tenure, Scott managed the growth of Caltech's assets under management from $1.6 billion to almost $4.6 billion today. He and his group have generated over $2.7 billion in endowment investment gains, which funded over $2.0 billion in endowment distributions to support Institute scholarships, fellowships, professorships, research, and general administration. Over the ten-year period ending June 30, 2023, the endowment investment pool returned 8.5 percent per annum, placing Caltech in the top quartile amongst Cambridge Associates' 154 College and University survey reporters. In addition, he has made valuable contributions on several high-level search committees, working groups, and retirement and health plan committees.  

I have appointed a joint trustee, faculty, and staff committee to conduct a national search and recommend a successor. The committee, chaired by Caltech Trustee Tim Sloan, Investment Committee chair; Caltech Trustee Kneeland Youngblood, Investment Committee vice-chair; Caltech Trustee Deborah McWhinney, Investment Committee member; Charlie Lane, search committee co-chair and Caltech's vice president and chief operating officer; Dexter Bailey, vice president for advancement and alumni relations; and Jakša Cvitanić, Richard N. Merkin Professor of Mathematical Finance. Maggie Sabanpan, executive assistant to the vice president and chief operating officer, will staff the search committee.

With a career spanning more than four decades, Scott rose quickly from his earliest role as a research analyst with Amherst Associates to various directorships and presidencies of private investment firms. Recognized on Treasury and Risk Management Magazine's "Forty Under Forty to Watch" list, Scott continued his professional trajectory serving as managing director for AIG Global Investment and as executive vice president of operations for SunAmerica, Inc. at the culmination of a ten-year career working alongside Eli Broad.

Scott's immediate plans include a focus on his various board of director roles, teaching, and philanthropic endeavors. Among other roles, he serves or served as a Board Director at Foldax, Inc., Pasadena Private Lending, and Hydra-Electric, important direct investments, which he led. Scott is noted for his presentation of annual lectures in finance and investment topics for Business, Economics, and Mathematics courses, and he has been an advisor and speaker to campus clubs including The Women's Financial Empowerment and Investment Club and the Student Investment Fund. In 2019 Scott and his wife Cathleen created and endowed the Stephen A. Ross Memorial Graduate Fellowships in HSS in honor of Dr. Steve Ross (B.S. ‘65), who served as Chair of Caltech's Investment Committee from 2004 to 2012. 

There will be an opportunity, later in the year, to celebrate Scott's profound contributions to Caltech as an Institute leader and citizen. For the moment, please join me in congratulating Scott on his great success and wishing him well as he transitions to the next chapter.