May 2, 2006
Stanford names new head of Management Company
John F. Powers, a managing director and the director of research at Offit Hall Capital Management, has been named president and chief executive officer of the Stanford Management Company (SMC). Powers, who holds an MBA from the Stanford Graduate School of Business, will succeed Mike McCaffery, who announced at the end of last year he was leaving the post to form his own firm. Powers will begin his new duties on June 26.
"In John Powers, we have found a wonderful combination of professional skills and personal attributes that will benefit the Stanford Management Company and Stanford University," said President John Hennessy. "John is a highly talented financial executive and a loyal Stanford alumnus and supporter. We are delighted he has accepted our offer to assume the leadership of an institution that provides such crucial support to the university's efforts to carry out its educational mission."
Powers chairs the Offit Hall Investment Committee. Prior to his tenure at Offit Hall, he was director of institutional sales and research and served as a member of the executive committee at Robertson Stephens, a San Francisco investment bank.
"I am excited to be returning to Stanford and joining the outstanding team at the Stanford Management Company," Powers said. "The growth of the endowment has been extremely valuable in supporting critical university initiatives in teaching, learning and research. Looking forward, as Stanford commits its intellectual resources and vision to help address some of the great issues of our time, I am eager to work with my SMC colleagues and the SMC board of directors to ensure that the endowment continues to act as a solid foundation for the university's mission. I owe Offit Hall a great deal, and I wish my former colleagues the best as they continue to build their great investment firm. It has been an honor to work with them and I will miss them."
Ward W. Woods, who chairs the SMC board of directors, called Powers a highly capable leader with impressive financial skills.
"We are extremely pleased to have someone of John's caliber taking over the leadership of Stanford Management Company," Woods said. "He has experience as a senior executive in the investment banking and investment management industries. And he is a proven investor and manager."
Kathryn A. Hall, co-chairman, co-chief executive officer and chief investment officer of Offit Hall, said Powers had made an "enormous contribution" as director of research.
"He has built a strong team of investment professionals and has expanded our global presence and reach," said Hall, who also is a member of the SMC board of directors. "His deep investment experience and strong leadership make him uniquely qualified to be Mike McCaffery's successor. John is an extremely well respected colleague and we will miss him at Offit Hall. Nonetheless, we are just thrilled for Stanford."
McCaffery has served as chief executive officer of the management company since 2000. During his tenure, the endowment has grown from $8.9 billion to more than $12 billion.
Woods also expressed appreciation for McCaffery's achievements as CEO.
"The Stanford Management Company board of directors would like to thank Mike McCaffery for his wonderful leadership of SMC and wish him all success in his new endeavor," he said.
Powers holds a bachelor's degree from Cornell University in addition to his Stanford MBA.
SMC was established in 1991 to manage Stanford's financial and real estate assets. SMC is a division of the university with oversight by a board of directors appointed by the university Board of Trustees. SMC oversees more than $14 billion of endowment and trust assets, temporarily invested expendable funds and commercial real estate investments. SMC's work supports Stanford's research and teaching mission.
Offit Hall Capital Management LLC is an investment advisory firm that builds and manages portfolios comprised of independent outside managers for a wide range of investors: individuals, families and institutions. The firm manages and oversees diversified assets in excess of $19 billion from offices in San Francisco and New York City.
A downloadable photo of John Powers is available at http://newsphotos.stanford.edu (slug: powers).