Penn State Investment Council Members

Dr. Sara F. Thorndike, Chair

  • Senior Vice President for Finance and Business/Treasurer - Pennsylvania State University
  • Vice Chancellor for Administration and Finance & Chief Financial Officer for East Carolina University (ECU) from 2018 to 2021
  • Senior Associate Vice Chancellor for Business Affairs, Chief Financial Officer, and Controller for the University of North Carolina Wilmington from 2014 to 2018
  • Controller and Accounting Director for Principia Corporation from 2005 to 2014
  • Serves as a member of Board of Directors for Penn State Health
  • Serves as a member of the President’s Council and the Board of Directors for Penn State Corporation
  • Chairs the Health Care Advisory Council
  • Serves on Board of Directors of the Chamber of Business and Industry of Centre County and the Centre County United Way
  • Ed.D in higher education leadership from the University of North Carolina Wilmington
  • MBA from Ohio State
  • BS in Accounting from Franklin University
  • Voting member of PSIC since 2021


Joseph M. Cullen

  • Chief Investment Officer, Office of Investment Management, Pennsylvania State University
  • Formerly Chief Investment Officer at the Montana Board of Investments
  • B.A. in Economics, Ripon College (1986)
  • MBA, Tepper School of Business, Carnegie Mellon University (1991)
  • Voting member of PSIC since 2020


J. David Rogers

  • CEO, J. D. Capital Management, a private investment firm, Greenwich, CT
  • Formerly Managing Director, Goldman, Sachs & Co.
  • Formerly Financial Analyst, Mobil Oil Corporation
  • M.B.A., Finance, Penn State (1980)
  • B.S., Accounting, Penn State (1978)
  • Helped establish Smeal College Trading Room at Penn State University
  • Voting member of PSIC 2003 - 2023


Edward R. Hintz

  • President, Hintz Capital Management
  • Former President and Founder, Hintz, Holman, and Robillard, Inc., a private investment firm, New York
  • Member, National Board of The Smithsonian Institution
  • Member, Board of the New-York Historical Society
  • Chair, The National Development Council (Penn State)
  • Vice Chair, The Campaign for Penn State (1984-1990)
  • Chair, A Grand Destiny: The Penn State Campaign (1996-2003)
  • Member, Penn State Board of Trustees (1994 – present; Vice Chair, 1998-2000; Chair, 2001-2003)
  • Named Alumni Fellow by College of Business Administration (1982); named Distinguished Alumnus of Penn State (1987)
  • M.B.A., Harvard University (1963)
  • B.S., Business Administration, Penn State (1959)
  • Voting member of PSIC since 2004


Colleen Ostrowski

  • Senior Vice President and Treasurer, Visa
  • Treasurer, Visa Foundation
  • Responsible for Pension Investments as well as Global Cash Management, Capital Markets, Insurance, Financial Risk Management, and Settlement
  • Previously SVP, Treasurer, and Head of IR at Mylan. Prior to joining Mylan in 2014, she was Vice President, Corporate Finance and Treasurer, ITT Corporation. Prior to joining ITT in 2010, she had worked at Pfizer Inc. since 1999; led the Pension Investments and Finance Group with responsibility for over $20 billion in assets globally
  • Former Treasurer of the Investment Committee for the Pfizer Foundation
  • Former Vice Chair of the Investment Advisory Group for the PhRMA organization
  • Former Member of the Investment Committee for the American Benefits Council
  • MBA from Pennsylvania State University and BS in International Business from Juniata College
  • Voting member of PSIC since 2010


Blake Gall, CFA

  • Founder and President of MicroPlusPlus Investment Management, a small hedge fund
  • Previously Vice Chairman of Quantitative Equities for OFI Institutional Asset Management, overseeing research and product development, as well as contact with clients, consultants, and prospects
  • Was an owner, CEO, and CIO of Trinity Investment Management, a pioneer in the field of managing quantitative equity portfolios
  • Prior to Trinity, he was Director of Quantitative Research at Prudential Securities in New York
  • Started his career as an A.S.E. and apparel analyst at Standard & Poor’s and a small-cap equity analyst at E.F. Hutton
  • Served in the CFA program on the Candidate Curriculum Committee and the Council of Examiners, and was on the editorial board of The Journal of Pension Plan Investing
  • Graduated with a B.S.E. in Engineering from Princeton University in 1974
  • PSU Renaissance Fund Honoree (with wife Linda) in 2006
  • Active volunteer in Centre County, including the Centre Foundation, Mount Nittany Medical Center, and Mount Nittany Conservancy, as well as at PSU, including the Nittany Lion Fund and PSIC
  • Voting member of PSIC since 2012


Joseph B. Markovich

  • Managing Director and Senior Banker for the Tri-State Region of the J.P. Morgan Private Bank
  • Leads a team of professionals who share responsibility for advising ultra-high net worth families, senior executives, and mid-size foundations and endowments on a variety of matters – including asset allocation, portfolio construction, capital and liquidity strategies and wealth transfer opportunities and execution
  • Prior to joining the Private Bank, he spent three years in J.P. Morgan’s Securities Trust & Information Services division assisting the firm’s Fortune 200 corporate clients
  • Prior to his time with J.P. Morgan’s Securities Trust& Information Services, he spent several years with Bankers Trust Company in a similar role
  • Masters of Business Administration from The Fuqua School of Business at Duke University, 1985
  • B.S. in Accounting from The Pennsylvania State University, 1980
  • Voting member of PSIC since 2013


J. Alex Hartzler

  • Managing Partner and Founder of WCI Partners, LP, a real estate development company in Harrisburg, PA
  • Earned a B.A. in Economics from Penn State in 1990
  • After studying as a Fulbright Scholar at the University of Cologne, Germany, from 1990-1991, he earned his J.D. from The George Washington University Law School in 1995
  • Was appointed to the Board of Trustees by Governor Tom Wolf effective November 2016
  • Also serves as Chairman of the Board of Sarona Asset Management
  • The Penn State Alumni Association honored Hartzler with an Alumni Fellow Award in 2014
  • He is a board member of Microvest Capital Management of Bethesda, MD, where he also currently serves on the executive committee
  • Alex was a Partner and Executive Vice President of, an internet marketing company. He led the sale of the company to ValueClick, Inc. in 2005
  • Served on the board of Praxis Mutual Funds
  • Voting member of PSIC 2017 - 2023


James P. Brandau

  • Senior Vice President at Brown Brothers Harriman & Co., a privately held financial services firm
  • Prior to joining Brown Brothers Harriman & Co., James was a private wealth advisor at Morgan Stanley Private Wealth Management from 2005 – 2014
  • After earning his B.S. in Finance from The Pennsylvania State University in 2003, James began his career as an analyst at J.P. Morgan Private Bank
  • James earned his MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill
  • He currently serves as a director on the following boards:
    • Philadelphia Orchestra (Investment Committee)
    • Philadelphia Academy of Music
    • Penn State Smeal School of Business, Board of Visitors
    • Nittany Lion Fund, Penn State
    • Kenan-Flagler Business School at UNC Chapel Hill Alumni Council
  • Voting member of PSIC since 2020