The Investment Fund for Foundations (TIFF) has split with its CIO of four and half years, according to an investor letter released yesterday.
Larry Lebowitz’s resignation appeared to take effect immediately, although he will remain with the outsource-CIO (OCIO) operation while TIFF searches for his permanent replacement. The board named CEO Dick Flannery as interim CIO.
“After careful consideration and a series of discussions with Dick and the board over several months, I have decided to step down as CIO of TIFF,” Lebowitz wrote in a letter to investors. “I will continue to provide advice and guidance to the outstanding TIFF investment team during the transition process.”
The board has established a search committee, which includes Flannery along with Williams College CIO Collette Chilton, MIT endowment head Seth Alexander, and Notre Dame CIO Scott Malpass—all of them TIFF board members.
“After careful consideration and a series of discussions with Dick and the board over several months, I have decided to step down as CIO of TIFF.” —Lebowitz
“The TIFF Advisory Services board expects that many of the CIO candidates will be individuals known to and recommended by board members,” Flannery and Chilton told investors in the March 31 letter.
Lebowitz joined TIFF as CIO in September 2010. He had previously led one of its external management companies: Dallas, Texas-based HBK Capital Management. During Lebowitz’s tenure, TIFF’s discretionary assets under management grew from $8.5 billion to $11 billion.
“My board colleagues and I believe Larry’s demonstrated talent and experience will complement our already strong team and will enable TIFF to serve our members even more effectively in the years ahead,” Alexander of MIT said at the time.