Berkeley Endowment Management Co. CIO to depart

John-Austin Saviano is stepping down as president and chief investment officer of Berkeley Endowment Management Co., said spokesman Jose Rodriguez in an email.

Julie Hooper, president of the UC Berkeley Foundation, said in a statement that Mr. Saviano is leaving BEMCO to create his own investment advisory firm.

Mr. Saviano's departure date could not be learned.

Berkeley Endowment Management Co. was formed in 2009 to manage the UC Berkeley Foundation endowment — a portion of the university's total endowment. Mr. Saviano was BEMCO's first president and CIO.

Of the university's $3.9 billion total endowment, $1.6 billion is currently managed by BEMCO. The remaining $2.3 billion is overseen by the University of California Board of Regents.

Information on an interim or permanent replacement could not immediately be learned.

An executive search firm has not been hired at this point, Mr. Rodriguez said.