The University of Utah is seeking a director of investments, according to a job posting listed on Tuesday.
In 2022, the university transferred its investment organization to a nonprofit called University of Utah Growth Capital Partners following the retirement of CIO Jonathan Shear, a spokesperson for the university says.
The Salt Lake City-based university is also currently selecting an outsourced CIO firm to manage the $1.47 billion endowment’s assets and is working on an agreement with Growth Capital Partners to determine the specifics of the arrangement between the endowment and GCP in the interim, according to the spokesperson.
The director of investments will oversee the management and performance of the endowment and will act as a liaison between GCP and the OCIO firm. Korn Ferry is listed as the recruitment consultant for the position. The individual in the report will report to Robert Muir, associate VP of debt and asset management at the University.
“[The role] is more liaison and administration than investing, but you’d be able to focus on underwriting each of the OCIO actions, and that would be a great experience if you’re only five years into the business,” said Peter Madsen, director and CIO of the Utah School and Institutional Trust Fund Office, in a LinkedIn post.
Requirements for the position include from five through seven years of investment management experience and prior experience working with endowments, foundations or in an institutional investing setting. The listing includes a preference for candidates with master’s degrees and professional certifications like a CPA or a CFA.
As of fiscal year-end 2023, the fund returned 5.9% for the year, outperforming its target benchmark of 5.5%. The fund has returned 8.39%, 5.95% and 6.02% over the past three, five and 10 years, annualized. The fund allocates 28% of its portfolio to equities, 20% to fixed income, 17% to diversifying strategies, 13% to private equity, and 9% each to private real assets and cash.
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Tags: Endowments, OCIO, Peter Madsen, Robert Muir, University of Utah, University of Utah Growth Capital Partners, Utah