Lyn Hutton, chief investment officer of Commonfund, resigned effective Nov. 30, according to a news release.
Ms. Hutton said in a telephone interview that she is leaving the firm for a new position as managing director and COO of investment banking and capital markets firm Prager, Sealy & Co., effective Dec. 1. She said the firm serves the non-profit community, including a number of Commonfund investors.
“The opportunity was just too hard to refuse,” she said.
Ms. Hutton said she has worked at Commonfund for more than 30 years in a variety of capacities, including as a board member.
Verne O. Sedlacek, president and CEO of the company, will assume Ms. Hutton's responsibilities until a new CIO is appointed.
Ms. Hutton will continue as a contributor to Commonfund Institute, the research and education arm of Commonfund, through conferences, including the Endowment Institute and Commonfund Forum.
Keith Luke, Commonfund managing director, said the firm hired a recruiter to begin an immediate search for a CIO. He would not name the recruiter but said Commonfund expects to fill the vacancy by year end.
Christine Williamson contributed to this story.