UCLA Investment brings former Spider CIO into its web

UCLA Bruin

Srinivas Pulavarti was named president and chief investment officer of UCLA Investment Co., effective Aug. 1, according to an announcement Friday on the company’s website.

Since 2005, Mr. Pulavarti has served as president and CIO of Spider Management Co., which manages about $3 billion in endowment money, including $1.9 billion for the University of Richmond (Va.).

Mr. Pulavarti will replace George N. Letteney, assistant vice chancellor and vice president-CFO and treasurer of UCLA Foundation. Mr. Letteney was named interim president and CIO when the UCLA Investment Co. was set up by the foundation in October 2011.The UCLA Investment Co. manages roughly $2 billion in endowment money for the UCLA Foundation.

As of June 30, 2011, UCLA’s total endowment was roughly $2.64 billion, comprising comprised of $1.31 billion in endowments managed separately by the UCLA Foundation and $1.33 billion from the University of California Board of Regents. According to the announcement, the foundation “also manages endowments and funds for other UCLA-related entities, such as the UCLA Alumni Association, UCLA's Jonsson Comprehensive Cancer Center and the Hammer Museum, for (a) total of $2 billion assets under management.”

In June, when it was announced that Mr. Pulavarti would be leaving Spider Management, Stephen J. Kneeley, Spider’s CEO, said the firm would conduct a search for a replacement. Mr. Kneeley couldn’t be reached Friday for an update on the search.

Executive recruiting firm HigdonBraddockMatthews assisted the UCLA Foundation with its search.

Mr. Letteney and Steven L. Klosterman, chairman of the UCLA Foundation, couldn’t immediately be reached for further comment.