Kristin Gilbertson, the University of Pennsylvania's chief investment officer, is stepping down after overseeing the $6.8 billion endowment for eight years.
Ms. Gilbertson will serve as a special adviser through the end of the year while the Philadelphia-based university begins a search for her replacement, according to a memo from Craig Carnaroli, Penn's executive vice president. David Harkins, the endowment's managing director of public markets, will be interim CIO, according to a copy of the memo.
“Kristin has worked tirelessly on behalf of Penn, and we are enormously grateful for her talents and contributions,” Mr. Carnaroli said. “Performance of the endowment has improved steadily under her leadership.”
The university endowment was ranked 11th in North America as of June 30, 2011, by the National Association of College and University Business Officers and the Commonfund Institute earlier this year. The endowment posted a 1.6% return on its investment for the fiscal year, down from a 19% gain a year earlier.