University of Texas System's board of regents voted unanimously today to implement management and oversight changes at the University of Texas Investment Management Co., Austin. Changes include approval of a fee that will be assessed against the funds UTIMCO manages — which will pay for added oversight costs, including the hiring of an outside investment consultant and outside legal counsel — and the creation of the director of investment oversight, a new position, according to a UT news release.
Specific details on the fee and how it will be assessed were not immediately available. UTIMCO manages $16.3 billion in operating and endowment funds for the university system.
"These changes in bylaws, contract and policies governing the oversight of UTIMCO will permit the board and the system to more effectively perform its investment-related fiduciary duties," said Mark G. Yudoff, UT chancellor, said in the news release.