Contact: Anthony de Bruyn, (512) 499-4363

Date: February 3, 2004

UT System News Release

Regents Announce Working Group to Review UTIMCO

BROWNSVILLE -- Charles Miller, chairman of the Board of Regents of the University of Texas System, announced the appointment of a working group to review the structure and services provided by the University of Texas Investment Management Company. Appointment of the group follows action taken by the board in December that called for the review of UTIMCO issues with the goal of improving the investment management function and accountability of the UT System.

The report of the working group is to be submitted to the board by mid-April. The regents will hold a special meeting in late April to review the findings and recommendations of the working group, according to Miller.

Members appointed to the working group from the UT System include Philip Aldridge, interim vice chancellor for business affairs; Mike Godfrey, vice chancellor and general counsel; Francie Frederick, counsel and secretary to the Board of Regents; and Charles Chaffin, director of audits. They will also be joined by Dr. Laura Starks and Dr. Keith Brown, professors in the Department of Finance at UT Austin, and Kevin Hegarty, vice president and chief financial officer at UT Austin. The group will work with consultants from Baker Botts and Ennis Knupp + Associates.

The Texas A&M System will be asked to name a member to the working group. A liaison from UTIMCO will also be named to facilitate the group's work.

Watch the archived video of the Board's UTIMCO discussion (2/3/04)

Board Resolution to undertake a review of UTIMCO's structure and services (12/19/03)

UTIMCO website

More news and support materials from the Meeting of the Board (February 3-4, 2004)