Joseph “Joe” Dowling left his role as chair of the University’s Investment Office Jan. 12 to become global co-head of Blackstone Alternative Asset Management, according to a University press release.
Dowling was hired as the Brown Investment Office’s chief investment officer and vice president in 2013 after founding the firm Narragansett Asset Management in 1998. In July 2018, he became chief executive officer of the Investment Office before moving into his most recent part-time role as chair in July 2020. Dowling also served as a senior advisor to President Christina Paxson P’19.
“Joe’s contributions to Brown speak for themselves,” Paxson said in the press release. She described Dowling as “a fabulous developer of talent and a remarkable University citizen.”
The Investment Office is responsible for overseeing and growing Brown’s $4 billion endowment. In his years at the University, Dowling helped oversee a diversified portfolio of investments that is largely run by external investment managers. His office also made asset allocation and hiring decisions based on policies set by the University Corporation’s Investment Committee.
Vice President and CIO Jane Dietze will continue to lead the Investment Office team and work with Investment Committee members from the Brown Corporation following Dowling’s departure, University Spokesperson Brian Clark wrote in an email to The Herald.
Dowling “cares deeply about Brown and understands the critical impact the endowment has on the school,” Investment Office Managing Director Joshua Kennedy ’97 wrote in an email to The Herald. This recognition “translated into a passion for maximizing that impact,” and Dowling inspired a “sense of urgency about the impact the endowment can have.”
During Dowling’s five year tenure as CIO, the University endowment grew from $2.6 billion to $3.8 billion, generating more $1.7 billion in returns, according to the press release. In fiscal year 2020, when Dowling served as CEO, the University’s endowment increased to a record high of $4.7 billion, surpassing expectations and giving Brown the best-performing endowment in the Ivy League.
While these returns are major achievements, Dowling said in the University’s press release that he was “most satisfied with the team (he) built.”
Kennedy views this emphasis on cooperation to be Dowling’s greatest strength. Dowling sought out “creative and collaborative solutions to challenges” and understood “that the mutual benefits of a strong partnership often only emerge over time,” Kennedy wrote.
Much of Dowling’s success stemmed from his commitment to his team, Kennedy added. Dowling “has high standards for himself and he holds his teammates to high standards, both in terms of performance and integrity,” Kennedy wrote. “He puts his full effort into whatever goal he’s pursuing, and he absolutely expects that same level of dedication from whoever is on his team.”
By establishing ambitious goals and disciplined standards for the Investment Office, Dowling consistently displayed his devotion towards the University and his colleagues, Kennedy wrote. “Joe is a leader who empowers and motivates his teammates, wants to succeed as a team and is quick to share the credit when a goal is achieved,” he added. “He doesn’t like the spotlight to be on him, (it is) always on the team or on Brown.”
Dowling’s brand of humility extended beyond the Investment Office. Outside of managing the University’s endowment, Dowling is a devoted fan of Geoff’s Superlative Sandwiches, Kennedy wrote. The sandwich shop had wanted to create and name a sandwich after him, but Dowling refused the offer.
“I think he should reconsider at this point,” Kennedy wrote. “It’s an achievement to have a sandwich named after you.”
Although he has left his formal position at Brown, Dowling will continue to serve in a voluntary role as part of the Investment Committee. “He’ll contribute his industry expertise in … formulating the investment policies that mandate how the Brown University endowment is managed,” Clark wrote.
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