Bob Boldt resigned as president, CEO and CIO of the University of Texas Investment Management Co. to take a job in the private sector. Mr. Boldt's last day at UTIMCO, which manages $19 billion in assets for the Austin-based University of Texas system, was Aug. 31. Cathy Iberg, deputy CIO and managing director of marketable alternative investments, was named acting president, CEO and CIO. The UTIMCO board of directors will form a search committee this week to find a replacement for Mr. Boldt, H. Scott Craven, board chairman, said in a statement.
Mr. Boldt's resignation was first reported earlier today on Pensions & Investments' website, pionline.com.
In a telephone interview this afternoon, Mr. Boldt said he decided to step down Aug. 30-31 over a "fundamental disagreement" with the UTIMCO board on investment strategy. "My philosophy is that we have to pursue a policy that is creative and competitive and value-added based on risk management and risk budgeting," Mr. Boldt said. "At the end of the day, we came to a fundamental disagreement about that and I decided that it was better for me and the organization to, rather than argue about that, move on and apply that philosophy someplace else."
Mr. Boldt said he is considering his next career move.
Mr. Boldt had been with UTIMCO since February 2002, after serving as a managing director at Pivotal Asset Management. Before that, he was senior investment officer of global public markets investments for the $210.7 billion California Public Employees' Retirement System, Sacramento.
Ms. Iberg served as acting CEO and CIO from April 2001 to February 2002, during the transition period between former CEO Tom Ricks and the arrival of Mr. Boldt.