Contact: Michael L. Warden or Anthony P. de Bruyn, (512) 499-4363

Date: February 12, 2002

UT System News Release

President Named for UTIMCO

AUSTIN - Bob Boldt, a former investment officer for the California Public Employees' Retirement System, was appointed president and chief executive officer of the University of Texas Investment Management Co. on Tuesday (Feb. 12).

Boldt, who was appointed during a meeting of the UTIMCO board of directors, will be in charge of the investment of endowment and operating funds of approximately $14 billion, including the Permanent University Fund. He succeeds Thomas G. Ricks, who resigned last spring to take a private-sector job in California. Cathy Iberg has served as interim president and CEO since Ricks' resignation on April 25.

"Mr. Boldt will be an outstanding leader for UTIMCO, and we are quite fortunate that he has agreed to undertake this important assignment," said Regent A.W. "Dub" Riter Jr. of Tyler, chairman of the UTIMCO board of directors. "He has a great track record in the management of large investment funds and is thoroughly familiar with the types of issues and challenges faced by UTIMCO."

Riter added: "On behalf of the entire UTIMCO board, I also want to express my deepest gratitude to Cathy Iberg, who has served with distinction as president and CEO on an interim basis. Her strong leadership has been of inestimable value during this interim period."

R. D. Burck, chancellor of the U.T. System, commented: "Bob Boldt has a marvelous record of success in investment management. In our meetings with him, I found him to be tremendously creative and forward-looking. He has the wide experience necessary to guide UTIMCO during these times of extraordinary challenge and opportunity."

Boldt comes to UTIMCO with 28 years of experience in investment management. Since 2000, he has been managing director of Pivotal Asset Management, a San Francisco firm that manages approximately $500 million, including $300 million from the California Public Employees' Retirement System, known as CalPERS.

From 1996 to 2000, Boldt was senior investment officer for CalPERS' Global Public Markets Investments, with responsibilities for the management of all of CalPERS' public markets investments. More than 80 percent of CalPERS' public market assets, totaling more than $100 billion, were managed internally.

Previously he worked in the investment field for Fisher Investments of Woodside, Calif.; Scudder, Stevens & Clark of San Francisco; Concord Capital Management of San Mateo, Calif.; American National Bank of Chicago; and the Northern Trust Co. of Chicago.

Boldt, a native of San Antonio, holds two degrees from U.T. Austin - a bachelor of science in engineering and a master's of business administration, with a major in finance and investments.

UTIMCO is a 501(c)(3) corporation which manages investment assets under the fiduciary care of the U.T. System Board of Regents. Created in March 1996, UTIMCO was the first external investment corporation formed by a public university. In addition to management of the Permanent University Fund, a public endowment which benefits institutions in both the U.T. System and the Texas A&M System, UTIMCO is responsible for management of privately raised endowments from across the U.T. System, operating funds of the U.T. System and its component institutions, endowments in the U.T. System and at other universities derived from the state's tobacco lawsuit settlement, and other funds.

UTIMCO is governed by a nine-member board of directors appointed by the U.T. System Board of Regents. The UTIMCO board of directors includes three U.T. regents, the chancellor of the U.T. System, and five outside investment professionals.

UTIMCO's website address is: http://www.utimco.org

Related news releases:
Resignations Announced at UTIMCO - April 2001
New Management Structure Adopted for U.T. System Investments - May 28 1996