Wells Fargo's chief financial officer has been named to Yale University's committee overseeing its $25.6 billion endowment.
John Shrewsberry of Wells Fargo and Ann Miura-Ko, a co-founder of Palo Alto, Calif.-based venture fund Floodgate, joined Yale's 10-person investment committee. They replace Leonard Baker, a managing director at Sutter Hill Ventures, and Stefan Kaluzny, managing director at Sycamore Partners, according to a review of annual reports.
Shrewsberry, who has an MBA from the Yale School of Management, said he first met Yale's investment chief David Swensen and others overseeing the endowment as part of his work at Wells Fargo. Miura-Ko wasn't immediately available to comment.
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The San Francisco bank's cross-selling ratio has begun to sputter, raising questions about whether its aggressive sales approach is starting to chase off too many customers. The problem is more than Wells Fargo's, too, since so many banks have sought to imitate its strategy for selling each customer multiple products.
January 20 -
Wells Fargo in San Francisco said that its chief information officer will retire at the end of March.
December 17
"I have been active with the board of advisors of the Yale School of Management, and our paths have crossed there as well," Shrewsberry said in an e-mail.
Since 1985 Swensen has led Yale's top-performing endowment, which has returned an annual average of 13.7 percent over the past 20 years. The university's venture capital portfolio had a 93 percent yearly gain in that period, the Ivy League school said in its 2015 annual report.
Swensen didn't respond to e-mailed requests for comment about the board changes.
