Inaugural Hirtle Callaghan Award For Investment Leadership Given To Smeal College Alumnus Arthur D. Miltenberger

Courtesy of Hirtle, Callaghan & Co.

CONSHOHOCKEN, PA (April 20, 2004) -- Conshohocken, PA, April 20, 2004—Hirtle, Callaghan & Co. today announced that Arthur D. Miltenberger (B.S. 1960) has been named recipient of the 2004 Hirtle Callaghan Award for Investment Leadership. Miltenberger is the retired chief investment officer of the Richard King Mellon Foundation, one of the largest private grant-making foundations in the United States.

Hirtle Callaghan will make a cash grant of $50,000 to the Rodney L. White Center at The Wharton School at The University of Pennsylvania to fund independent capital markets research in Miltenberger’s name.

“We are tremendously pleased to name Arthur D. Miltenberger the inaugural winner of the Hirtle Callaghan Award for Investment Leadership,” said Jonathan Hirtle (MBA ’82), principal of Hirtle Callaghan. “His thirty-five year investment career sets a standard for every investment professional entrusted with client funds.”

During Miltenberger’s tenure as chief investment officer, the assets of the Richard King Mellon Foundation increased by more than 6.5 times—while distributing approximately 6 percent per year. Miltenberger’s investment leadership resulted in dramatically increased philanthropic activity from an ever more secure foundation.

Hirtle went on to say, “People who know Arthur Miltenberger well know that he possesses the penetrating, level-headed insight that marks all great investors. They also know that his integrity is beyond question. His career sets a standard for all those who sincerely aspire to become trusted advisors.”

Hirtle added, “There are seemingly countless negative stories about the investment industry and unfortunately most of them are accurate, but there are many more dedicated investment professionals who practice their profession every day, year in and year out, with prudence, insight and integrity—leading their clients to success. The Hirtle Callaghan Investment Leadership Award is meant to recognize these and encourage those professionals.”

Miltenberger joined T. Mellon & Sons in 1968 and 10 years later became chief investment officer of the Richard King Mellon Foundation and Richard K. Mellon & Sons. In 1978 the foundation’s assets totaled $240 million. During the next 20 years the foundation distributed approximately 6 percent per year, totaling over $785 million. At Miltenberger’s retirement in 1998, foundation assets totaled $1.6 billion having compounded at an annual rate of over 15 percent.

Miltenberger received his B.S. in accounting and naval science with a minor in economics from the Smeal College of Business and Penn State University in 1960.

The Hirtle Callaghan Award for Investment Leadership will be awarded annually to an investment professional who has demonstrated sustained excellence in investment management and uncompromising ethical conduct. The award includes a cash grant for independent capital markets research in the name of the honoree.

About Hirtle, Callaghan & Co.
In 1988 Hirtle Callaghan pioneered the concept of the “outsourced chief investment officer” to serve family groups and institutional investors who were serious about their investment responsibilities, but chose not to pay for an internal CIO and staff. Based just outside of Philadelphia, Hirtle Callaghan clients range in size from $10 million - $800 million in assets and are served by 44 employees in its West Conshohocken, Pa headquarters, Atlanta, Chicago and Phoenix and Pittsburgh. The firm provides its clients with the same investment capability and complete freedom from conflicts-of-interest that multi-billion-dollar endowments, foundations, pension funds and family offices receive from their internal chief investment officer and staff. Hirtle Callaghan sells no products, captures no commissions and has zero revenue sharing arrangements—in short the firm has always been dedicated to delivering investment performance while avoiding every sort of conflict-of-interest.