The University of Texas/Texas A&M University Investment Management Company announced today that CEO and President Britt Harris will leave UTIMCO on June 30. Following his departure, current UTIMCO CIO Rich Hall will be promoted to CEO and president.
Harris, who has managed more than a collective $500 billion in his lifetime as a CIO at the UTIMCO, the Teacher Retirement System of Texas and Verizon Investment Corp., and as CEO of Bridgewater Associates, announced in 2021 that he was leaving the CIO role at UTIMCO and Hall was appoint to that position.
Harris and Hall discussed their thoughts for succession at UTIMCO with CIO earlier this year.
“Britt is a unique and exceptional leader and one of the most talented investment leaders in the country–we have been fortunate to have him at the helm of UTIMCO these last six years,” said UTIMCO Board Chairman Rad Weaver in a statement from UTIMCO. “We are grateful for Britt’s steadfast, impactful leadership, and his foresight in working with the Board on a succession plan that has fully prepared our talented team of investors to take command of UTIMCO’s important work upon his departure. We look forward to Rich Hall stepping up as UTIMCO’s forthcoming CEO.”
Hall joined UTIMCO in early 2018. He previously served as a managing director, head of private equity and member of the executive and investment committees at Harvard Management Company. Prior to Harvard, Rich was the head of private equity and a member of the management committee at the Teacher Retirement System of Texas.
Prior to TRS, Hall had mergers and acquisitions-related positions in industry and investment banking and served as an intelligence officer for six years in the U.S. Navy. He earned his MBA from Northwestern University and received his bachelor’s degree from Harvard.
“We are ready to initiate a seamless transition,” Weaver said in the statement. “Rich is a proven leader of people and of investment management and is eminently qualified to take the helm of UTIMCO. We look forward to the ongoing success he will accomplish on UTIMCO’s behalf. UTIMCO has an excellent leadership team and will no doubt continue to generate superior long-term investment returns so UT and A&M institutions can continue to deliver the very best education and health care to the people of Texas.”
UTIMCO holds $66 billion in assets under management with an endowment value of $52.9 billion, representing about $134,000 per student.
UTIMCO is a not-for-profit corporation that oversees the asset investment of The University of Texas and Texas A&M University Systems. Since its establishment in 1996 as the first investment corporation formed by a public university system, UTIMCO has grown to be one of the nation’s largest university endowments.
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Tags: Britt Harris, Endowment, Harvard Management Company, Rich Hall, UTIMCO