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 positions.
The outgoing chief is vice chairman of the nonprofit asset management firm Commonfund and a member of Houston Endowment’s investment committee.