The $2 billion University System of Maryland (USM) Foundation has named Sharcus Steen as its new chief investment officer.
Steen has served as the foundation’s interim CIO since July 2022, when Sam Gallo left the post. Steen has also served as USM director of investments since 2017. Additionally, he was appointed by Maryland Governor Wes Moore as a Maryland State Retirement and Pension System Public Advisor to the Investment Committee in July 2023, and in June he became an Institutional Allocators for Diversity, Equity and Inclusion Fellow.
“The role requires great skill in communicating with our partners, working with our excellent investment committee, and functioning as an integral member of the Foundation’s senior leadership team to accomplish our strategic goals in support of the USM,” said Leonard Raley, president and CEO of the university foundation. “Sharcus has more than proven that he possesses these skills during his 15 months as interim CIO.”
Steen’s prior experience includes serving as a senior investment director for Cambridge Associates, where he worked with nonprofit clients on general investment issues such as asset allocation strategy, manager selection, and investment program evaluation. His professional experience also includes roles at Ericsson, Booz Allen Hamilton and Citigroup.
Steen’s appointment came following a nationwide search conducted by The Prince Houston Group, an executive search firm based in New York City.
“I am excited and honored to step into the permanent CIO role at the Foundation,” Steen said. “This is an outstanding organization and an extraordinary team. I look forward to ensuring that the philanthropy entrusted to the Foundation provides a growing and stable source of support for students, faculty, and programs across Maryland.”