Bruce Zimmerman (Art by Chris Buzelli)
The University of Texas
Investment Management Company (UTIMCO) has lost its investment chief.
Bruce Zimmerman, who has
been CEO and CIO of the $37 billion endowment since 2007, has resigned, the fund
confirmed to CIO.
“It has been my
extraordinary honor to lead UTIMCO and I am so proud of the results the team
has delivered,” he said in a statement.
Under Zimmerman’s nearly
decade-long tenure, the fund added $4.25 billion of value, the University of
Texas System said in a release. Total assets also grew more than $13 billion
from $23.5 billion in 2007.
In a separate interview
with Bloomberg, Zimmerman said his
resignation was a “mutual” decision between him and the university. “There had
been discussions going on for some time,” he continued, “It felt like the best
thing for everybody.”
The UTIMCO board said it
will immediately appoint an interim CEO and CIO and also launch a national
search for Zimmerman’s successor.
“Bruce earned his
reputation as a strong, skilled investment manager and we are grateful for the
excellent work he has done for public higher education in Texas,” said board of
regents Chairman and former UTIMCO Chairman Paul Foster.
Previously, Zimmerman was
CIO and global head of pension investments at Citigroup, as well as CFO and
chief administrative officer for Citigroup’s alternatives arm. He also spent 13
years at Texas Commerce Bank/JP Morgan Chase in a variety of executive
The outgoing chief is vice
chairman of the nonprofit asset management firm Commonfund and a member of Houston Endowment’s investment committee.
Head of Private Markets Steps Down & 2015 Power 100: Bruce