Retired Mellon Foundation Treasurer Named Nittany Lion Fund Chair
Arthur D. Miltenberger, 1960 alumnus of Penn State's Smeal College of Business, has been named chair of the board of directors of the Nittany Lion Fund LLC, Smeal's $5 million student-managed, investor-owned investment portfolio.
Retired Mellon Foundation Treasurer Named Nittany Lion Fund Chair
UNIVERSITY PARK, PA (August 28, 2008) – Arthur D. Miltenberger, 1960 alumnus of Penn State's Smeal College of Business, has been named chair of the board of directors of the Nittany Lion Fund LLC, Smeal's $5 million student-managed, investor-owned investment portfolio.
Miltenberger, who has served on the Nittany Lion Fund's board since its inception in 2005, replaces as chair Smeal alumnus Edward Hintz '59, president of Hintz, Holman & Robillard. Hintz will continue to serve on the board.
Miltenberger earned his bachelor's degree in Accounting from Smeal and served for nearly 30 years as chief investment officer and treasurer of the Richard King Mellon Foundation, one of the largest private grant-making foundations in the United States. During his tenure, the assets of the Mellon Foundation increased by more than 6.5 times—while distributing approximately 6 percent per year. His investment leadership resulted in dramatically increased philanthropic activity from an ever more secure foundation.
"The student managers of the Nittany Lion Fund—and the fund itself—have benefited greatly the past few years by having access to Art's investment expertise as a member of the board," says Smeal Dean James B. Thomas, who serves as an ex-officio member of the board. "We're delighted that he has agreed to take on this leadership role and continue to advise and oversee the activities of our student fund managers."
The fund's board administrates the management of the fund and ensures that the student managers observe the laws and regulations that govern investment funds. In addition to Hintz, Miltenberger, and Thomas, the board's membership includes David Branigan, executive director of Penn State's Office of Investment Management; Smeal alumnus J. David Rogers '78, '80 M.B.A., founder and chief executive officer of J.D. Capital Management; and J. Randall Woolridge, professor of finance at Smeal who also serves as CEO of the Nittany Lion Fund.
As CEO, Woolridge oversees the day-to-day operations of the fund, but all of the portfolio investment decisions are made by the fund's student managers, according to the fund's investment policies. Members of the Penn State Investment Association manage every aspect of the fund, including equity research, stock selection, asset allocation, portfolio management, trading, compliance, and investor relations.
Unlike most of the approximately 200 other student-managed investment funds around the country, the Nittany Lion Fund is not backed by a university endowment. Rather, 67 individual investors have each placed at least $25,000 under the control of the student fund managers.
For more information, please visit the Nittany Lion Fund Web site.
REPORTERS & EDITORS: For more information, please contact Wyatt DuBois in the Smeal College of Business Media Relations Office at 814-863-3798 or wed112@psu.edu.
Penn State's Smeal College of Business offers highly ranked undergraduate, MBA, executive MBA, Ph.D., and executive education opportunities to more than 5,500 students at all levels. Featuring academic departments of accounting, finance, marketing, insurance and real estate, management, and supply chain and information systems, the college is also home to major research centers such as the Center for Supply Chain Research, the Institute for the Study of Business Markets, the Center for Digital Transformation, the Farrell Center for Corporate Innovation and Entrepreneurship, the Center for Global Business Studies, and the Center for the Management of Technological and Organizational Change.
