Kenneth Shimberg was named U.S. endowment and foundations chief investment officer for outsourced CIO services at Mercer Investments, spokeswoman Alayna Francis said.
The position is new. Beginning May 4, Mr. Shimberg will serve as chairman of Mercer’s endowment and foundation investment committee, which develops strategies and tactics for Mercer’s not-for-profit client portfolios. He will also lead Mercer’s not-for-profit client base.
Mr. Shimberg will be based in Boston and report to Stanley Mavromates, Americas chief investment officer.
Mr. Shimberg was a managing director at Brown University and interim CIO for the Providence, R.I.-based university’s $3.2 billion endowment. He was replaced by Joseph L. Dowling III as chief investment officer in 2013. It could not be learned by press time who replaced Mr. Shimberg in the managing director position; university spokesman Mark Nickel could not be reached for comment.