Leadership
Kelly Santangelo, SPHR
Chief People Officer

Kelly Santangelo joined TIFF in 2024 and serves as the Chief People Officer. In this role, Kelly provides HR leadership, working closely with the senior management team in a highly collaborative environment, and is responsible for developing and implementing HR best practices in the areas of employee relations, recruitment and onboarding, performance management, learning and development, and compensation and benefits.

Prior to joining TIFF, Ms. Santangelo spent nearly fifteen years at PricewaterhouseCoopers. Most recently, she served as the Director of Practice Group Human Resources at Morgan, Lewis & Bockius LLP, where she led an HR team supporting over 1,000 partners and associates. With more than two decades of experience, Kelly has a background in building strong leadership relationships, coaching teams, and developing talent strategies.

Kelly holds an MBA with a focus on Human Resource Management from Loyola University Maryland and is a certified Senior Professional in Human Resources (SPHR). She is dedicated about to promoting diversity, equity, and inclusion in the workplace.

More Team Members
Berkley Velez
Legal Senior Analyst
Brendon Parry, CFA
Head of Private Markets, Deputy CIO
Caroline Hertz
Senior Fund Accountant
Caroline Mokychic
Executive Assistant/Office Manager
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Equities Surge Fueled Rebound in Foundation Returns

In a recent Fundfire article, Trevor Graham from TIFF Investment Management discusses the advantages foundations have in absorbing investment volatility due to their long-term horizons and lower spending rates, highlighting that while passive investments offer ease, liquidity, and cost-effectiveness, they may be a strong choice for achieving high long-term returns.

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The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

3rd Quarter 2024 CIO Commentary

Not So Fast, My Friend

Lee Corso was born in 1935 in Cicero, Illinois, the son of immigrant parents. After a long career playing and then coaching college football, he was hired by ESPN in 1987 as an analyst for its Saturday “College Game Day” program where he has been a fixture ever since. Lee Corso may have seen more college football than any person alive. At the end of the show each week, analysts predict which team will win different games. When it’s Lee’s turn to make a pick, and he disagrees with someone ahead of him, he will often say, “Not so fast, my friend,” and then explain why the other team will win the game. He isn’t always right, but he always has good reasons and is usually worth watching and listening to.

As we observe markets today, the persistent climb through the end of August is beginning to give us that “Not so fast, my friend” sense. Make no mistake, we have been bullish for quite some time, even up to and including last quarter’s letter. What is changing for us is the level of the market versus our perception of the increasing level of uncertainty. Markets do not like uncertainty. This is why we often see them make most of their election year gains in the fourth quarter, particularly when the incumbent party wins. The uncertainty of the outcome constrains the markets. Investors are not sure if the stocks to own are the ones that would likely benefit from one party’s proposed policies. Until the outcome of the presidential race becomes more apparent, investors often sit on the sidelines. Once clarity returns, markets usually benefit. It is also worth noting that, seasonally, the October–December period is the strongest of the year.

This is an excerpt from a longer commentary. Please Download the PDF to read the entire 3rd Quarter 2024 CIO Commentary.