The University of Texas Investment Management Corporation (UTIMCO) has acquired 6,643 gold bars, worth $987 million, Bloomberg reports. Dallas hedge-fund manager, Kyle Bass, advised the endowment on the deal. UTIMCO has stored the gold bars in a COMEX-registered vault in New York, owned by HSBC Holdings. In 2010, the endowment, which oversees funds held by the University of Texas System and Texas A&M University, added about $500 million in gold investments to an existing stake.
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