Bruce Zimmerman, chief executive officer and chief investment officer for the University of Texas Investment Management Company (UTIMCO), has resigned.
No reason for Zimmerman’s departure was given in a statement released by UTIMCO. The board expects to appoint an interim CIO while it searches for a replacement.
The $37 billion Austin, Texas-based firm manages the endowment assets of the University of Texas, as well as assets from Texas A&M and the Permanent University Fund.
“UTIMCO plays a crucial role in supporting everything we do at The University of Texas System and Bruce has done a masterful job in maximizing those resources,” said UTIMCO Chairman and Regents Vice Chairman Jeffery Hildebrand in a statement. “Bruce built an organization and a business model that truly reflects what Chancellor McRaven calls a ‘team of teams’ approach, capitalizing on the creativity and intellect of many external partners and internal colleagues, and making smart, calculated decisions that benefit and advance public higher education.”
Zimmerman, 59, joined UTIMCO in 2007. He replaced former CEO Bob Boldt, who resigned after a disagreement with the board of regents over the strategic direction of the fund. Under Zimmerman’s tenure UTIMCO became known for investing in well pedigreed start-up hedge fund managers, among them Soroban Capital Partners, Janchor Partners, and Ashe Capital Management.
With total endowment assets under management of $26.5 billion, UTIMCO is the third largest endowment in the country, behind Yale and Harvard. Its 10-year annualized performance for the main endowment fund through August was 5.42 percent. For the calendar year to date, the permanent endowment fund was up 5.37 percent.
