The Museum of Trendy Artwork has tapped Lou Fernandes, a veteran endowment funding head, as its CIO, efficient instantly.
Fernandes served for six years at New York College as its endowment’s managing director of investments. Earlier than that, he was at San Francisco-based Corridor Capital Companions, an outsourced chief funding officer.
The storied MoMA, situated in Midtown Manhattan, homes many iconic artistic endeavors, together with work by Pablo Picasso, Salvador Dali and Jasper Johns. The museum, based in 1929 by high-society varieties, first earned large discover with a exhibiting of Picasso’s works. At the moment, it encompasses a who’s-who of rich of us as trustees, starting from David Rockefeller Jr. to Sid Bass to Ronald Lauder.
“Lou brings greater than 20 years of finance and funding expertise to MoMA, together with experience in constructing groups, establishing and managing funding portfolios and partnering with managers throughout asset courses,” mentioned James Gara, the museum’s chief working officer. Fernandes will handle the diversified funding portfolio for MoMA’s endowment, pension and retirement plan.
Fernandes, educated as a Grasp of Enterprise Administration and a Grasp of Arts in schooling at Stanford College, is a CFA constitution holder and graduated summa cum laude from the College of California, Davis. He replaces Tony Wai, who’s now CIO at monetary agency BVC Monetary. Wai was at MoMA for 19 years within the funding store, the final 5 as CIO, in line with his LinkedIn profile.
The MoMA had greater than $2 billion in internet property as of mid-2022, the top of its final fiscal 12 months. Like so many establishments, the museum has seen its investments take a pounding within the present turbulent markets. Its funding portfolio shrank 9.5% between June 2021 and June 2022. The shares part of its holdings went down by 42%.
However it continues to obtain exceptional backing: In October, a basis created by the late CBS founder William Paley, the museum’s former chairman and president, auctioned off a group of masterpieces displayed at MoMA with the aim of elevating some $70 million to extend the museum’s digital presence.
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Tags: Lou Fernandes, Museum of Trendy Artwork, New York College, Pablo Picasso, William Paley