John Fitzgibbons ’87 Investment Committee Chair “These impressive returns are a reflection of process,” John Fitzgibbons ’87 says, “not luck.” John became the Investment Committee chair in 2013, succeeding Jide Zeitlin ’81. He attributes Milton’s excellent investment performance to Committee members’ decisions “over time,” crediting Jide and others who have had long tenure on the committee. “Longevity,” John points out, “is important on this Committee.” Noting that the Milton endowment has outperformed the draw-down spending rate (4.6%) and is a top performer among its peers, John focuses on long-term strategy to sustain that outperformance and to compound the endowment. Outside of his Milton role, John describes himself as an industrial manager. His long experience in the energy sector began with undergraduate research at Harvard during the Yeltsin era’s cultivation of the private economy in Russia, with a particular interest in development of Russia’s extensive oil and gas resources. He co-founded Khanty Mansiysk Oil Corporation, an oil exploration and production
introduced new levels of data transparency, first as
company, in 1993, and served as president and CEO until
Budget and Finance Committee chair, then as head of the
it was acquired by Marathon Oil in 2003. He has served as
Investment Committee.
chairman of Integra Group since founding the oil-field services company in 2004. In 2010, John founded Basin
Grounded by a clear investment philosophy, the Investment Committee targets endowment performance
Holdings, a global, industrial holding company. Basin manu-
in the top quartile of peer institutions. The Committee
factures equipment and provides services to energy and
focuses on manager selection as the most important factor
industrial customers around the world. Basin employs more
in achieving and sustaining performance at that level,
than 1,000 people in 17 countries, operating 16 businesses in
according to John. The endowment’s asset allocation
four divisions. Integra employs nearly 8,000 people in Russia. “Management is 75 percent about people and 25 percent
strategy is designed to reduce risk through diversification, a practice shared across most peer institutions. Manager
about timing and strategy,” John says. “I really enjoy the
selection adds the relative performance compared to peers
interpersonal relationships that develop in a corporate
that enables entry into the top quartile.
environment. The more diverse the holdings, the markets and the people, the more interesting it is. We are not structured as a fund but rather a private company capable
“The quality of students that are attracted to Milton, and the outcomes they achieve are remarkable,” John says. “As a boarding and day school in Boston, Milton is a hybrid —
of owning assets in perpetuity. That enables us to think
it is differentiated — and that differentiation is hugely
and plan over a long period of time. When you plan to own
competitive. Milton has a fantastic program and track
a business forever, timing matters less than people —
record. The School has done so much with, comparatively,
keeping well-qualified management teams committed and
so little. The great news is that every dollar we add to the
motivated over time is critical.”
endowment, through gifts and earnings, has an enormous
John regularly reports about Investment Committee direction, decisions and outcomes to the board. He
leverage and productivity impact. This is a great time to be connected to Milton.”
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