Karen Horn Welch
Karen Horn Welch was named CIO of Spider Management, an outsourced CIO provider owned by the University of Richmond. Currently the deputy CIO, Welch’s promotion is effective July 1, when she will succeed Will McLean, Spider Management’s current president and CIO.
McLean will continue as president through December 31, 2026.
Spider Management is owned by the University of Richmond, manages the university’s $3.2 billion endowment and allows other endowments and foundations to invest alongside the university. The firm manages $6 billion in assets overall.
“I am honored to be selected as the next chief investment officer, and I am committed to building upon the strong foundation that Will and my predecessors have laid,” Welch said in a statement. “It is a privilege to lead the talented investment team to grow and protect the endowments of our non-profit partners and the University of Richmond to support their missions for current and future generations.”
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Welch joined Spider Management in 2016 as a director. She was appointed deputy CIO in January 2024. Previously, she spent a decade at Stanford Management Co., which manages the endowment of Stanford University, as director of portfolio strategy and director of public equity.
Welch earned a bachelor of arts degree in economics and international relations from Bucknell University and a master’s degree in public administration with a focus on international economics from Harvard University.
With a per-student endowment value of about $940,000, Richmond is one of the private universities that could be significantly affected by the tiered tax proposal being considered as part of the U.S. budget process.
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