(July 16, 2013) – Marie Berggen, CIO of the University of California’s $80 billion portfolio, has stepped down, according to a spokesperson for the university president’s office.
Berggren said in a letter that she had decided to retire for personal reasons.
The board of regents will conduct a nationwide search for Berggen’s replacement, the spokesperson said. On July 18, the investment committee is expected to appoint an acting CIO.
Associate CIO Melvin Stanton and Randy Wedding, senior managing director for fixed income, are currently managing the portfolio, with additional oversight from the University of California’s (UC) CFO Peter Taylor.
Berggren took over as CIO and vice president for investments in 2007, when the institution created the former position “in recognition of the size and importance of the university’s investments.”
As of March 30, 2013, the UC system’s investment portfolio totaled $80.1 billion, including $59 billion in retirement assets and a $7.2 billion endowment.
Her starting salary was $375,000, according to UC documents.
She joined the UC treasurer’s office in 2002 after decades in the private sector with Bank One Corporation and First Chicago Investment Advisors.
“We are grateful to Marie Berggren for her years of dedicated service as chief investment officer and the many contributions she has made to the University of California,” said UC President Mark Yudof. “The board of regents and I wish her a healthy and fulfilling retirement.”