The second-in-command of University of California’s (UC) $88.5 billion portfolio is stepping down after 24 years with the organization, Chief Investment Officer (CIO) has learned.
Mel Stanton will not be replaced with another deputy CIO, according to Dianne Klein of UC’s media relations department, who confirmed the parting.
Following Stanton’s departure at the end of this month, new CIO Jagdeep Bachher will reorganize the investment office to create chief and deputy operating officer positions.
Recruiting has already begun for a host of senior positions to manage the university system’s endowment ($8 billion), defined benefit assets ($50 billion), defined contribution plan ($15 billion), liquidity pool ($9 billion), and other assets.
UC is seeking applicants for a chief of staff to manage and implement Bachher’s initiatives, serve as a senior consultant to him, and oversee the investment office’s administration.
The role of real assets investment officer has also been posted on UC’s employment website. “Participating in and leading co-investment deal teams will be a significant part of this role,” the job description states. “Current target sizing for co-investments is $25 million to $75 million per company.”
Co-investments have not historically occupied a significant role in the university’s allocation strategy.
The job postings declined to reveal compensation figures. However, the institution’s investment staff, whose salaries are public information, earn substantial pay checks relative to many of their public fund peers.
Bachher signed on as CIO with a target annual payout of $1.23 million—half of which is tied to performance.
In 2013, Stanton earned $646,3600 in addition to soon-to-be-exercised pension benefits.
“He has had a long and successful tenure at UC and we wish him the very best in this new chapter of his life,” Klein said. “Twenty-four years with one organization is quite an accomplishment. He has served the office of the chief investment officer—and through that, the entire University of California system—very well.”
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