Peter Gilbert, CIO of the $1.2 billion Lehigh University endowment, is to retire from his role next month after eight years.
Gilbert’s last day at Lehigh will be November 13, the endowment announced yesterday. Jordan Hitch, a former Bain Capital managing director and a member of the endowment’s trustee board, will become interim CIO during the search for a permanent replacement.
Gilbert joined Lehigh in 2007, having previously led the investment team at the $34 billion Pennsylvania State Employees’ Retirement System. He was also a director and trustee of the New York City pension system, overseeing its $46 billion in assets.
Lehigh President John Simon praised Gilbert’s leadership, “particularly his work steering the endowment through the uncertainty of an historic economic downturn that rocked our financial markets.”
According to Lehigh’s website, in the 12 months ending June 30, 2014 the endowment posted a 14.1% return. Its five-year annual return to that date was 9.5%, compared to its benchmark’s annualized return of 8.8%.
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