Stephen J. Kneeley was named CEO of Spider Management Co., a Richmond, Va.-based provider of outsourced CIO services to endowments and foundations, including the $1.8 billion University of Richmond endowment.
The position is a new one.
In a telephone interview, Srinivas B. Pulavarti, Spider's president and chief investment officer, said the growth of the firm's client relationships required it to hire a veteran such as Mr. Kneeley to quarterback its business and operations side, allowing Mr. Pulavarti to focus again on the investment side.
In addition to the University of Richmond, Spider has garnered another 22 “partners” with combined assets of more than $1.1 billion, Mr. Pulavarti noted.
Those partners are largely concentrated in Virginia, since the level of interaction required between Spider's professionals and clients who entrust oversight of their endowments to the firm has made proximity a strategic imperative, Mr. Pulavarti said.
Mr. Kneeley was CEO of Ardmore Investment Partners, a firm he launched to advise asset management firms on strategic initiatives. Reached by telephone, Mr. Kneeley said he is in the process of shutting down Ardmore.
While Spider conducted a nationwide search for the CEO position, Mr. Pulavarti said Mr. Kneeley — who has served on Spider's operating committee for the past four years — emerged as the clear choice for the job.
Jane Marcus, senior client partner with Korn/Ferry, led the nationwide search that resulted in Mr. Kneeley's selection.