Lou Fernandes, a seasoned endowment investment manager, has been appointed the Museum of Modern Art’s CIO with immediate effect. As managing director of investments for New York University’s endowment, Fernandes worked there for six years. Prior to that, he worked as an outsourced chief investment officer for Hall Capital Partners, based in San Francisco.
Paintings by Pablo Picasso, Salvador Dali, and Jasper Johns are among the notable works of art that can be found inside the illustrious MoMA in Midtown Manhattan. The museum, established in 1929 by members of high society, first gained widespread attention when it displayed Picasso’s artwork. Today, it has a who’s who of wealthy people serving as trustees, including Ronald Lauder, Sid Bass, and David Rockefeller Jr.
James Gara, the chief operating officer of the museum, stated that Lou “brings more than two decades of finance and investing experience to MoMA, including competence in establishing teams, constructing and managing investment portfolios and engaging with managers across asset classes.” For the endowment, pension, and retirement plans of MoMA, Fernandes will oversee a diverse investment portfolio.
Fernandes received her master’s degrees in business administration and education from Stanford University. She also holds the CFA charter and a summa cum laude degree from the University of California, Davis. Tony Wai, who is now BVC Financial’s CIO, is replaced by him. According to his LinkedIn profile, Wai worked at MoMA for 19 years in the investment department, the last five as CIO.
At the end of its most recent fiscal year, in mid-2022, the MoMA had net assets of more than $2 billion. The museum has seen its investments suffer in the present tumultuous markets, just like so many other institutions. Between June 2021 and June 2022, its investment portfolio dropped by 9.5%. Its holdings’ stock portion decreased by 42%.
But it still receives amazing support: A collection of masterpieces on exhibit at MoMA was auctioned off in October by a foundation established by the late William Paley, the founder of CBS and the museum’s previous chairman and president, in an effort to raise around $70 million for the expansion of the museum’s online presence.