Managing Partner and Chief Investment Officer
David Salem. Prior to assuming his current post in September 2010, David served for 18 years as founding president of The Investment Fund for Foundations (TIFF), an investment organization established in the early 1990s with the support of a nationwide network of foundations headed by the Chicago-based MacArthur Foundation. TIFF (www.tiff.org) managed upon David's departure in excess of $8 billion on behalf of more than 800 endowed charities. In addition to his duties as TIFF’s president, David served as chief investment officer for all investment vehicles bearing the TIFF name, including partnerships employing private equity, realty, resource-related and absolute return-oriented investment strategies plus a family of mutual funds investing primarily in publicly-traded securities. Prior to assuming TIFF’s presidency, David was a partner in the Boston-based investment advisory firm Grantham, Mayo, Van Otterloo & Co (GMO). David received a JD cum laude from Harvard Law School and an MBA with high distinction from Harvard Business School, where he was elected a Baker Scholar. He has held adjunct faculty positions at Middlebury College, from which he earned his undergraduate degree summa cum laude, and the University of Virginia, and served in the White House Counsel’s office while enrolled at Harvard. David has contributed essays on endowment management to monographs published by the CFA Institute, the National Association of College and University Business Officers, and other professional societies. His active speaking schedule has included talks hosted by numerous universities, including Dartmouth, Harvard, Northwestern, and Oxford; and at conferences organized by the Association of Governing Boards (AGB), the CFA Institute, the Council on Foundations, the Foundation Financial Officers Group (FFOG), the London Business School, the National Association of College and University Business Officers, and several regional associations of grantmaking foundations. In November 2003, the Wall Street Journal and its sister publication Smart Money jointly named David one of the 30 most influential people in investing over the past 12 months, citing the innovative and provocative views offered in his writings on TIFF's behalf. David served formerly as founding president of the TIFF Education Foundation; a member of the investment committee of The Atlantic Philanthropies; and on the governing boards of Middlebury College, the Center for Effective Philathropy, the Initiative for a Competitive Inner City, and the Core Knowledge Foundation. He and his wife Amory Rowe and their two children reside in Cambridge, MA, which serves as home base for In the Arena, the youth development organization founded by Amory (www.in-the-arena.org).
Partner and Non-Executive Chairman
Richard Salem. Prior to assuming his current duties at Windhorse in September 2010, Rich combined a successful career as an entrepreneur and CEO with substantial community service as a founder or trustee of numerous nonprofit organizations. A graduate of Brown University, where he earned an AB in economics, and Dartmouth’s Amos Tuck School of Business Administration, Rich spent the 13 years following his graduation from Tuck as chairman and CEO of WearGuard Corporation. WearGuard was recognized nationally for its early acceptance of and reliance on computerization throughout the workplace along with its focus on employee motivation programs. Rich was featured in many business publications, including Business Week, Forbes, and Fortune, and was the subject of an ABC-TV documentary highlighting WearGuard’s human resource management policies. In 1992, Rich negotiated WearGuard’s sale to ARA Group, Inc. He and his family subsequently moved to Telluride, Colorado. Since moving west, Rich has been an active member of the Telluride community, founding a publicly supported foundation that has preserved over 6,000 acres of strategically situated land while also engaging in numerous for-profit ventures in southwest Colorado. Rich currently serves on the boards of several non-profit organizations and remains an active member of the investment committee of The Thacher School (Ojai, CA), which he chaired for a material portion of his decade-long tenure (1997-2006) as a Thacher trustee. Rich has also played an active role as a board member of numerous for-profit companies, including Charrette, Inc. (a design firm supplier); New England Federal Savings Bank; Calyx & Corolla, Inc. (a direct marketer of fresh flowers); and InterActive WorkPlace (a software firm that Rich helped found and that was subsequently acquired by Siebel Systems, Inc., producing very substantial gains for WP circa 1999). Rich serves as Windhorse’s non-executive chairman.
Tyler Ayer. Prior to joining Windhorse full-time in February 2000, Tyler provided strategic and financial planning services as an independent consultant to a variety of for-profit and nonprofit enterprises. Before taking up consulting, Tyler spent five years in a series of increasingly responsible positions (including manager of corporate development and finance) at WICOR Americas Management, Inc., the North American arm of a Switzerland-based private equity group. A 1987 graduate of Syracuse University, where he earned a BS summa cum laude in finance, Tyler also holds an MBA degree (awarded in 1994) from Dartmouth’s Amos Tuck School of Business Administration. Prior to enrolling at Tuck in 1992, Tyler worked as an analyst at two Boston-based investment advisory firms, focusing on quantitative equity management and (separately) equity investment opportunities in the former Soviet Union, and as a derivatives development analyst at the Chicago Board of Trade. Windhorse’s longest-serving full-time employee, Tyler is active in all aspects of Windhorse’s ongoing work on its clients’ behalf while bearing primary responsibility for the non-investment-related activities of the firm.
Ted Meissner. Prior to joining Windhorse in February 2013, Ted served for six years as Chief Operating Officer, Chief Compliance Officer, and Managing Director of Charlottesville, VA-based Investure, a pioneering firm in the outsourced CIO industry overseeing assets of approximately $10 billion. As Investure's first COO, Ted was responsible for developing and refining Investure's workflows, processes, and controls to manage effectively the ever-increasing complexity of Investure’s customized and commingled portfolios. Prior to joining Investure, Ted spent four years as Vice President of Finance at Boston-based Summit Partners, a $14 billion private equity firm, where he had primary responsibility for operational aspects of Summit's management company and GP entities. Prior to joining Summit, Ted was employed by Thomson Reuters, a multi-billion dollar provider of data and services to the financial services industry, and in the audit division of Arthur Andersen & Co. Ted received his MBA from Boston University's Graduate School of Management in 2001 and his BBA in Accounting from Notre Dame in 1989. Ted is involved in all aspects of Windhorse's non-investment-related activities, with emphasis on investment operations, compliance, and information technology.
Matthew Bank. Prior to rejoining Windhorse on a full-time basis following completion of his MBA studies at Dartmouth’s Amos Tuck School of Business Administration in 2012, Matt spent 15 months performing analytical work for Windhorse (including a full-time stint during the summer of 2011) and six years discharging an evolving set of duties at Goldman Sachs in New York. At Goldman, Matt served initially as an analyst on a principal investment team and later in Goldman’s asset management division (GSAM) helping institutional clients formulate investment strategies and tactics and helping GSAM’s COO formulate and implement outreach initiatives. Matt earned a BA with honors in government from Dartmouth College in 2004 and is a CFA charterholder. Matt is involved in all aspects of Windhorse’s investment work with particular emphasis on portfolio construction, external manager selection and evaluation, and individual security selection.
Kevin King. Prior to joining Windhorse in November 2011, Kevin spent five years in the Investment Strategy Group at Goldman Sachs in New York. A CFA charterholder and 2006 graduate of Duke University, where he earned a BA in mathematics, a BS in economics, and a certificate in markets and management studies, Kevin is involved in all aspects of Windhorse’s investment-related activities, with particular emphasis on investment policy formulation, macroeconomic analysis, individual stock selection, and derivatives analysis and trading.
Dariel Bennett. Prior to rejoining Windhorse following her receipt of a BA cum laude in economics and French from Middlebury College in 2011, Dariel interned at Windhorse (summer 2010), The Investment Fund for Foundations (summer 2010), and the investment consultancy DHK Financial Advisors (summer 2008 and 2009). Dariel is engaged in a variety of investment-oriented activities at Windhorse, focusing on risk management and performance measurement.
Katherine Gormley. Prior to joining Windhorse in March 2012, Kate spent two and one-half years in J.P. Morgan’s Private Banking division in New York covering Financial Service Professionals and Public Company Executives. Kate graduated from Bowdoin College in 2009, where she earned a BA in Economics, and is currently involved in all aspects of Windhorse’s investment activities, focusing on external manager selection and evaluation.
Jane Hickcox. Prior to joining Windhorse in December 2001, Jane provided a variety of realty-related consulting services to landowners in southwestern Colorado, where she’s resided since 1975. Jane earned a BA from the University of California (1971) and is a state-certified general appraiser in Colorado. From 1981 to 1999, she served as San Miguel County’s (CO) deputy assessor and supervising appraiser, implementing biannual reappraisals of all taxable real and personal property county-wide. Jane provides property management, valuation, and land use planning services to Windhorse, applying her 20 years of experience in regional property appraisal, real estate market analysis, and land conservation.
Douglas Parizeau. Prior to rejoining Windhorse following his receipt of a BA in psychology from Middlebury College in 2012, Doug interned at Windhorse, conducting research on stock sectors and individual securities during the summer of 2011. Doug is engaged in a variety of investment-oriented activities at Windhorse, focusing initially on investment research and operations.
Administrative and Outreach Associates
Margaret Adams. Prior to joining Windhorse in August 2011, Margaret earned a BS in business administration from Saint Michael’s College in May 2011. While enrolled at Saint Michael’s College, Margaret interned at the United Way of Chittenden County, with a focus on marketing. Margaret is engaged in a variety of administrative matters at Windhorse.
Deborah Hall. Prior to joining Windhorse in July 2003, Deborah held a series of increasingly responsible administrative positions with Central Virginia businesses including Patent Resources Group, Nimbus Information Systems, the CFA Institute (formerly AIMR), and Boar’s Head Enterprises. Deborah is engaged in a variety of administrative matters at Windhorse.
Laura Tayloe. Prior to joining Windhorse in September 2010, Laura worked for three years as a member of the investor relations management team at the Washington, DC-based private equity firm The Carlyle Group. Prior to joining Carlyle, she worked at Hanley Wood, LLC, a specialized media company focused on residential and commercial construction in the US and Canada. A graduate of Vanderbilt University, from which she received a BS magna cum laude in human and organizational development in 2005, Laura focuses primarily on outreach-related matters at Windhorse.