Cambridge Associates Appoints David Druley Chairman and CEO
Current Chairman and CEO Sandra A. Urie Steps Away from Day-to-Day Management to Serve as Chairman Emeritus; Philip Walton Succeeds Druley as President
BOSTON (April 28, 2016) – David Druley, 49, will become Chairman and Chief Executive Officer of global investment advisor Cambridge Associates effective July 1, 2016, said current Chairman and Chief Executive Office Sandra A. Urie. She announced that she will step down from that role as part of a long-term succession plan she has led with the Board.
She also announced that Philip Walton, 45, will succeed Mr. Druley as the firm’s President.
Ms. Urie, 63, joined Cambridge Associates in 1985 and has led the firm for the past 16 years. She will remain actively involved in an ‘of counsel’ role, advising the new leadership and the Board. Mr. Druley joined Cambridge Associates in 2003. Before becoming President and Head of Global Investments, he headed the firm’s global pension practice. Mr. Walton, currently Head of the private client practice, joined Cambridge in 1999.
“I am delighted that David Druley has agreed to lead Cambridge Associates,” Ms. Urie said. “He has worked with all types of clients and has always demonstrated a laser-like focus on delivering value to them. Based on his visionary leadership of our pension practice, and more recently our Global Investing Group, I am certain he will lead the firm with a continued, unwavering commitment to our clients and the firm.”
“I am also pleased that Philip Walton will become President, and continue as head of our private client practice. He has established himself as a strong leader and collaborator, not only in his work in our private client practice, but also in our private investment group. He will be an instrumental partner to David Druley in guiding the firm forward,” Ms. Urie said.
She added, “After 25 years in various firm leadership roles, I am excited to redirect my efforts and spend even more time meeting with clients to focus on their specific needs. I will also devote energy to an area of great personal interest – the growing opportunity set in impact investing.”
Said Cambridge Associates co-founder and Board member James N. Bailey, “Under Sandy Urie’s leadership, Cambridge Associates has successfully advised some of the world’s most sophisticated investors, across all asset classes, creating innovative portfolio management solutions. The firm’s high client retention rate and growth in discretionary and non-discretionary outsourcing relationships are attributable to her team’s commitment to delivering results for clients and sitting on the same side of the table with them as diligent and responsible stewards of their capital.”
“Equally notable has been Sandy’s focus on talent and succession. The organization grows and cultivates the right people and capabilities, while preserving a culture that anticipates clients’ expanding needs. In that vein, we have great confidence in David Druley’s vision and leadership strength and in the teams that support him. We are excited about the future,” Mr. Bailey added.
Mr. Druley holds a BBA and an MBA, both from The University of Texas, Austin. Before joining Cambridge Associates 13 years ago, he operated his own investment management firm for nine years. Mr. Walton holds a BA from Williams College and an MBA from Tuck School of Business at Dartmouth College. Before joining Cambridge Associates 17 years ago, he worked in investment banking.
About Cambridge Associates
Founded in 1973, Cambridge Associates is a provider of independent investment advice and research to institutional investors and private clients worldwide. Working alongside its early clients, among them several leading universities, it pioneered the strategy of high equity orientation and broad diversification, which since the 1980s has been a primary driver of performance for these leading fiduciary investors. Cambridge Associates serves over1,000 global investors and delivers a range of services, including investment advisory, outsourced investment solutions, research and tools, and performance monitoring, across global asset classes. Cambridge Associates has more than 1,200 employees serving its client base globally and maintains offices in Arlington, VA; Boston; Dallas; Menlo Park and San Francisco, CA; London; Singapore; Sydney; and Beijing. Cambridge Associates consists of five global investment consulting affiliates that are all under common ownership and control. For more information about Cambridge Associates, please visit www.cambridgeassociates.com.