(February 27, 2014) – The former president and CEO of the University of Colorado’s endowment has secured a new position leading a boutique financial advisory.
After seven years at the $1.2 billion fund, Richard Lawrence served his last day on December 13, 2013.
His departure was a “natural development” amid broader downsizing, according to endowment Vice President Keller Young. “There is no search underway at the moment,” she said. “We are evaluating the structure of our leadership team, and may replace him, create a new position, or otherwise.”
In 2009, the University of Colorado Foundation outsourced the management of its then-$825 million fund to Perella Weinberg Partners. The New York City-based firm—just three years old when it received the mandate—has remained a boutique, now managing $11 billion.
The endowment’s CIO Christopher Bittman moved to become partner at Perella Weinberg at the time of the deal. He remains at the asset management and advisory firm, one of two partners based in Denver. Bittman continues writes the fund’s quarterly investment updates and head up its management, according to recent publications.
The fund’s internal staff has shrunk from roughly 200 to 10, according to Vice President Keller. The university itself has taken over fundraising activities, which account for the bulk of the positions cut from the endowment. Some legal and accounting positions remain in place, as well as the CFO job.
The roles of CEO and president are under consideration.
Lawrence—who rose from CFO and later COO to hold both jobs—has joined Boulder-based manager and advisory Sargent Bickham Lagudis as president and CEO. The firm focuses on wealthy individuals and local institutions, managing $900 million across 400 clients.
Note: This article has been updated to reflect Perella Weinberg's latest AUM figures.