The University of Chicago is searching for a director of investments for its $3.3 billion endowment fund, replacing Carla McGuire, who became chief investment officer of DePauw University, Greencastle, Ind., overseeing its $350 million endowment fund.
The director would manage the in-house active domestic fixed-income portfolio, which is 13% of the total fund. In addition, the director would oversee external management of alternative investment portfolios, which totals 5% of the total assets and includes emerging markets debt, non-public distressed debt and structured instruments as well as domestic publicly traded high yield. The director also would oversee a real assets portfolio, which totals 8% of the fund and consists of real estate, timberland and oil and gas investments. The director also oversees publicly traded U.S. and international securities portfolios.
"We have an active, tactical approach" in using managers in the externally managed asset classes, said Philip Halpern, chief investment officer. The director will report to Mr. Halpern.
"The person needs to be an expert in fixed income and have a breadth of experience in other asset classes," Mr. Halpern said of qualifications for the position. Candidates should also be "well-versed in asset allocation and tactical asset allocation." Plus, they should have good management skills and be familiar with the environment of an endowment or foundation, he said.
"We have a nimble, entrepreneurial, active investment program ... engaged in a world-class investment program," Mr. Halpern said. "It's an intense job, but user friendly."
Heidrick & Struggles is assisting in the search. Anyone interested should contact David A. Morris, managing partner, in the Houston office of Heidrick & Struggles.
Separately, Joanna Rupp was promoted to chief operating officer. She was manager of public markets, overseeing externally managed portfolios and reporting to the director of investments. How the position of manager of public markets will be handled will depend on the skills and qualifications of the new director of investments, Mr. Halpern said.