Arthur D. Miltenberger, the retired chief investment officer of the Pittsburgh-based Richard King Mellon Foundation, recently received the first Hirtle Callaghan Award for Investment Leadership.
The award, presented by Jonathan Hirtle, principal of Hirtle, Callaghan & Co, West Conshohocken, Pa., included a $50,000 cash grant in Mr. Miltenberger's name to the Rodney L. White Center at the Wharton School at the University of Pennsylvania, Philadelphia, to fund independent capital markets research.
"People who know Arthur Miltenberger well know that he possesses the penetrating, level-headed insight that marks all great investors," Mr. Hirtle said in a news release. "His 35-year investment career sets a standard for every investment professional entrusted with client funds."
During Mr. Miltenberger's tenure as Mellon Foundation chief investment officer, the fund increased more than six-fold, while each year distributing approximately 6% of assets. When he retired in 1998, foundation assets totaled $1.6 billion.
The award goes to a professional who has demonstrated excellence in investment management, with a focus on such areas as integrity, dedication to clients, an openness to new investment ideas, leadership and investment success. Hirtle Callaghan outsources chief investment officers to pension funds, endowments, foundations and family groups.