The man who has been a vital member in the Brandeis financial team of Maureen Murphy, James Hurley, and Peter French has resigned. Brandeis Universitys Treasurer, Jeffrey Solomon, left on Friday, Oct, 14 after working here for eight years.
The role of treasurer is several fold: Acting as the signatory for university contracts, debt management, cash management, and overseer of the comptrollers and financial affairs offices. The latter includes accounts payable and payroll.
Hurley, Vice President for Budget and Planning, worked with Solomon for 5 years, noting that We worked very closely together on financial planning, the endowment, and financial projections.
Murphy, Vice President for Financial Affairs and Treasurer, is absorbing some of Mr. Solomons responsibilities. She will take up the risk management portion, while French, the Executive Vice president and Chief Operating Officer of the university, is working with the Trustee Investment Committee to decide how the long term investment management is going to be handled. Additionally, the Universitys investment advisor, Cambridge Associates, will temporarily handle the investment responsibilities until a more permanent position is made. Cambridge Associates is a financial management organization that is expert in helping higher education institutions manage their endowments in particular, says Hurley.
Cambridge Associatess website states that its mission is to provide high-quality, independent information and advice on financial planning and investment issues. In October of 2005 it entered the Down Jones Private Equity Hall of Fame, joining 41 individuals and firms.
The financial team of Murphy, Hurley, and French is looking at different options for parceling out Solomons duties amongst themselves and getting outside help from Cambridge Associates. Endowments were a big part of Jeffs focus. Were looking to Cambridge to help pick up some of these responsibilities, remarked Hurley. At the present time there is no immediate search to replace Solomon, although a more permanent position is possible.
Before becoming Brandeis Treasurer, Jeffrey Solomons previous employment includes Assistant Treasurer at Brandeis, Financial Advisor at Prudential Securities in Wellesley, MA, Comptroller of Combined Jewish Philanthropies of Greater Boston, and Audit manager of Loopers and Lybrand, Boston, MA. He left Brandeis because he was offered and accepted a position as Chief Financial Officer at Worcester Polytechnic Institute (WPI).
By all accounts Mr. Solomon enjoyed his time here and was a fine coworker. He was terrific. Jeff and I worked very closely together on financial planning, the endowment, and financial projections, and he was really very much a part of the financial team, said Hurley.
Were going to miss him terribly, commened Murphy, but we wish him great success in his new position.
