Matt Bank was promoted to co-chief investment officer of Global Endowment Management effective Jan. 1, as part of a multiyear succession plan at the $12 billion outsourced CIO provider, according to a news release.
Bank had been GEM’s deputy CIO since 2023. He will share the new role with Mike Smith through 2025. Smith is a partner and had been sole CIO. Bank adds the new title to his other roles as partner and head of the client portfolio management team.
Starting in 2026, Bank will be the sole CIO. He will assume “total oversight” of policy construction, asset allocation and portfolio strategy at the firm, according to the news release. Smith will continue to work as GEM’s market strategist, focusing on macroeconomic analysis and portfolio tactics.
Jay Ripley — who is a partner, head of investment research and deputy managing partner at GEM — will continue in his role overseeing the firm’s manager selection process.
“When GEM moved from a single investment pool to customized client portfolios, Matt was the architect behind that whole process and approach, allowing me to focus on market strategy and tactics,” Smith said in the release. “That’s what this shift represents, and I’m excited for GEM’s future under the leadership of Matt and Jay.”
Prior to joining the Charlotte, N.C.-headquartered OCIO specialist in 2018, Bank worked at Windhorse Capital Management and Goldman Sachs Group.
