AUSTIN – The University of Texas Investment Management Co. (UTIMCO) Board of Directors announced today (Sept. 5) that UTIMCO President, CEO and Chief Investment Officer Bob Boldt has resigned to return to the private sector.
“Under Bob Boldt’s leadership UTIMCO has outperformed its benchmarks for all funds under management and added significant value to both the endowment and operating funds of the UT System,” said H. Scott Caven, Jr., chairman of the UTIMCO Board of Directors. “Bob is a superb professional whose investment expertise and leadership will be sorely missed by us all,” Caven said.
Boldt, a former senior investment officer for the California Public Employees’ Retirement System, was appointed president and chief executive officer of UTIMCO in February 2002.
“I established three strategic goals for UTIMCO upon my arrival in 2002: add significant value to the endowments through effective investment decisions, become recognized as one of the five best managed endowments in the United States, and earn high marks from our clients in the UT and Texas A&M Systems for client service, innovation, and communication. I believe the evidence is clear that in less than five years, we have accomplished all three goals,” Boldt said.
“Since the new team arrived at UTIMCO, annualized investment returns for the endowment funds have totaled 10.3 percent, and the staff’s superior value-added investment decisions enhanced the value of the endowments by more than $1.4 billion after all fees and expenses. The endowments have grown from $11.1 billion in 2002 to $15.5 billion as of July 31, 2006, even though we have distributed $2.2 billion to endowment beneficiaries over that period,” Boldt said. “However, the lasting legacies of which I am most proud are UTIMCO’s new focus on creative, competitive, value-added investing, and a superb current staff that, under effective leadership, will continue to exceed UTIMCO’s strategic goals and make significant contributions to the financial vitality of The University of Texas and Texas A&M Systems.”
Boldt came to UTIMCO with 28 years of experience in investment management. He had been managing director of Pivotal Asset Management, San Francisco. Prior to that he was senior investment officer for CalPERS’ Global Public Markets Investments, with responsibilities for the management of all of CalPERS’ public markets investments. Previously he worked in the investment field for 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.
“With Bob’s departure I have asked Cathy Iberg to serve as acting president, CEO and chief investment officer of the company, effective immediately,” Caven said. Iberg previously served as acting CEO and chief investment officer of UTIMCO from April 2001 to February 2002 and is currently managing director of marketable alternative investments and deputy chief investment officer for UTIMCO.
“We have a superb team of investment professionals at UTIMCO who I know will continue under Cathy’s experienced leadership to provide the expertise and sound performance we have come to expect,” Caven said. Caven is expected to name a search committee this week to find a permanent successor.
UTIMCO is a 501(c)(3) investment management corporation whose sole purpose is the management of investment assets under the fiduciary care of the Board of Regents of The University of Texas System. Created in March 1996, UTIMCO is the first external investment corporation formed by a public university system in the nation. It invests endowment and operating funds in excess of $19 billion.
UTIMCO is governed by a nine-member Board of Directors. The UTIMCO Board of Directors includes three members of The University of Texas System Board of Regents, one member selected from a list provided by The Texas A&M University System Board of Regents, the Chancellor of The University of Texas System, and four outside investment professionals appointed by the UT System Board of Regents.
The UT System is one of the nation's largest higher education systems with 15 campuses, including nine academic and six health institutions, and an annual operating budget of $10 billion (FY 2007). Student enrollment exceeded 185,000 in the 2005 academic year. The UT System confers one-third of the state's undergraduate degrees and educates three-fourths of Texas health care professionals. With more than 76,000 employees, the UT System is one of the largest employers in Texas.
