CIOS 2020: Increasing Diversity among Asset Allocators and Managers

Joel Wittenberg is vice president and chief investment officer for the W.K. Kellogg Foundation in Battle Creek, Michigan. In this role, he supports the foundation efforts to promote thriving children, working families, and equitable communities. Wittenberg serves on the foundation’s executive council and is responsible for both Kellogg Foundation and Kellogg Foundation Trust investment portfolios. The foundation is the fourth largest in the U.S. with more than $7 billion in assets. Prior to joining the foundation, Wittenberg spent nine years as corporate vice president at the Kellogg Company, serving as treasurer as well as heading up investor relations. Before joining the Kellogg Company, he was vice president and treasurer with Armstrong World Industries in Lancaster, Pennsylvania, and held several key treasury roles with the Dow Chemical Company of Midland, Michigan. Wittenberg earned his Bachelor of Science in accounting and finance at the Eli Broad Graduate School of Management at Michigan State University, and his Master of Business Administration from the Stephen M. Ross School of Business at the University of Michigan. The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal innovator and entrepreneur Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life. The Kellogg Foundation is based in Battle Creek, Michigan, and works throughout the United States and internationally, as well as with sovereign tribes. Special attention is paid to priority places where there are high concentrations of poverty and where children face significant barriers to success. WKKF priority places in the U.S. are in Michigan, Mississippi, New Mexico and New Orleans; and internationally, are in Mexico and Haiti.

Charmel Maynard currently serves as Associate Vice President, Chief Investment Officer, and University treasurer. In this capacity, he leads the University’s efforts to invest over $3B in assets, including endowment and pension funds. Mr. Maynard is also responsible for the University’s ~$1.4B capital structure, including liquidity and debt issuances. Additionally, he manages treasury and cash management. Mr. Maynard was previously a vice president with J.P. Morgan’s Investment Bank in New York City. During his 10-year career with J.P. Morgan, he focused on investment banking debt capital markets and leveraged finance, where he advised clients on capital structure solutions, deal structuring, and execution of syndicated revolving credit facilities, institutional term loans, and bond issuances. He currently serves on the Mead Art Museum board as the chair of the Budget Committee, the Knight Foundation Community Advisory Board and the Black Angels Miami Board. Mr. Maynard holds a Bachelor of Arts in political science from Amherst College.

Juan Martinez joined Knight Foundation in 2002. As a member of Knight’s executive committee, Martinez is a partner in the development and implementation of the foundation’s strategy. He is responsible for the foundation’s financial management, reporting and regulatory compliance, overseeing the management of its $2.2 billion investment portfolio, and partnering with program staff in development of grants and program-related investments.
In 2011, Martinez led the development of the Knight Enterprise Fund. The fund invested in more than 40 early-stage digital media companies that align with Knight Foundation’s program mission. Martinez serves on the board of portfolio company ViewLift, an OTT management and streaming platform.
Juan started his career at CPA firm Arthur Andersen & Co. He left after four years to establish a company focused on the development of intellectual property for film and television as well as an independent financial consulting practice. Prior to joining Knight, he was manager of financial planning for Telemundo Group Inc., the second largest Spanish language US television network.
He is an alumnus of Florida International University, Miami Dade College, and the Wharton School of Business. He has been a certified public accountant in the state of Florida since 1992. He currently serves on the Board of Directors, and Chairs the Investment Sub-Committee, of the Florida International University Foundation, in addition to serving on Boards of Council on Foundations and City to City Miami. He also serves as an advisor on several committees including the Launch with GS (Goldman Sachs’ initiative to support diverse entrepreneurs).

Managing Director of Research & Investment Strategy
Cleveland Clinic Investment Office
Kelli joined the Cleveland Clinic Investment Office in 2017 as a member of the inaugural team tasked with building a fully discretionary insourced investment office. In her role, Kelli is primarily responsible for monitoring portfolio asset allocation policies, maintaining the macroeconomic research function and collaborating with the CIO on research that directs tactical asset allocation, investment decisions and hedging strategies for approximately $11.9 billion in assets across four investment pools. Additionally, Kelli conducts manager due diligence across long-only, hedged and private asset classes.

Prior to joining the Cleveland Clinic Investment Office, Kelli was a Managing Director of Investments with Cambridge Associates where she was responsible for manager selection, investment implementation and strategy for a variety of nonprofit institutions. Prior to joining Cambridge Associates, Kelli was an Endowment Officer at Bowdoin College as well as a Senior Due Diligence Analyst with Edward Jones Investments and Portfolio Manager with the Edward Jones Trust Company in St. Louis.

Kelli is the Executive Chair of the Alumni Board of Governors at Washington University in St. Louis as well as a member of the Washington University Board of Trustees, serving on the Audit, Undergraduate Experience and Global Engagement Committees. From 2011-2013, she was an Investment Committee Member for the Crittenton Women’s Union (now EMPath) in Boston, MA. Additionally, from 2011 to 2014, Kelli was a Robert Toigo Foundation Alumni Regional Vice-President in Boston, MA and Washington, D.C. Kelli is a CFA Charterholder, holds a B.S. in Business Administration from Washington University in St. Louis and an M.B.A from the Yale School of Management.