Lehigh University Endowment CIO to Retire

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.”

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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%.

Fidelity Investments has combined a number of its institutional units—including Pyramis Global Advisors—into a new full-service distributor to asset owners and consultants.

Fidelity Institutional Asset Management comprises the client service and sales teams from Pyramis and Fidelity’s advisor-oriented business, plus the consultant relations group from the parent company’s professional services line.

The young organization enters the marketplace with more than $450 billion under administration, Fidelity said, making it one of the largest players serving institutions.

“Aligning our institutional sales and service capabilities into one business under a single leader expands and strengthens Fidelity’s commitment to the institutional marketplace,” said Gerard McGraw, president of Fidelity Institutional, in the announcement.

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The re-organization, he continued, will help to “leverage Fidelity’s broad and deep institutional resources” while “providing a deeper, more coordinated service experience.”

The Pyramis investment specialists will remain within Fidelity’s asset management organization, only without their prior brand. Fidelity stipulated there would be “no changes to the institutional investment team,” which will remain under the leadership of CIO Pam Holding.