Narv Narvekar and Dale Kunkel were hired as senior director and director of investments, respectively, at University of Pennsylvania, Philadelphia, said Landis Zimmerman, CIO. The University has a $3 billion endowment and a $500 million university employee pension plan. Mr. Narvekar will focus on long-term planning and alternative investments such as private equity, real estate and hedge funds. Mr. Kunkel will oversee the universitys fixed-income assets, and assist with private equity, hedge and absolute-return funds. He will also direct quantitative research. Previously, Mr. Narvekar worked in J.P. Morgans equity derivative group. Mr. Kunkel was a consultant with Capital Risk Market Advisers. The additions bring University of Pennsylvanias investment staff up to five. The team is conducting asset allocation studies for both the endowment and pension fund, but is concentrating primarily on the endowment. Both funds are using Wharton business school professors and consultant Cambridge Associates to complete the studies, he said.