From his longtime philanthropy to his service on the Salem State University Foundation Board, Frederick “Fred” Cavanaugh, Jr. ’69 has been a champion of the Viking community for decades.
At Salem State, Fred earned a bachelor’s degree in business administration and went on to excel in finance, including at Dewey Square Investors, Bank of Boston, the J.L. Thomson Rivet Corporation, and John Hancock Advisers. There, he was senior vice president and lead portfolio manager for multi-sector/global bond, high-income and international fixed income strategies. He received the High Yield Summit Award in 1999.
Fred joined the foundation board and its Investment Committee in 2010, becoming committee chair after Frank Sparico ’53 ended his term. Fred’s achievements include creating and updating the investment policy statement (IPS) and diversifying our endowment portfolio, which led to hiring Boston Advisors in 2018 to join Eastern Bank Wealth Management. Investment returns have steadily increased since.
“Fred’s dedicated, expert service to the foundation established the groundwork for excellence in investment management,” says Kathy Skrabut, foundation board president. “His value as a trusted and fully engaged board colleague cannot be overstated. As a truly devoted Viking alum, Fred’s legacy will continue to inspire all who serve in the university’s best interests.”
In 2013, Fred received The Jacob S. Segal Award, presented each year by the university and foundation presidents to a board member who has shown extraordinary commitment to the Salem State University Foundation’s mission of engaging the community, inspiring philanthropy and stewarding resources to invest in student success. For years, he has also personally supported the Annual Fund to provide the university with flexible, unrestricted dollars.
“Fred deserves enormous credit for his work on the foundation board, especially as chair of the Investment Committee,” says Paul Petrowski ’66, who now holds the chair role. “Over the years, he has provided great expertise and a steady hand at the wheel. As his successor, I am grateful for Fred’s mentorship and the standard he set. His departure leaves a big pair of shoes for me to fill, but also a solid deck to walk on.”
Adds Gina Deschamps ’92G, immediate past foundation board president, “Fred has a passion for the mission of Salem State. His thoughtful board service and wise, extraordinary counsel will be missed.”