Michael Abbott “stepped down” as chief investment officer at Cornell University, overseeing the school’s $5.2 billion endowment, according to Tommy Bruce, vice president for university communication.
Mr. Abbott was hired as CIO at the Ithaca, N.Y., university in November.
“Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1,” Mr. Bruce said in an e-mail. “It had become apparent that his style of conducting business is inconsistent with Cornell’s policies and expectations. Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship.”
Mr. Bruce declined requests for additional information about Mr. Abbott’s departure; Mr. Abbott could not be reached for comment.
A call to Paul Gould, managing director of the investment banking firm Allen & Co. and chairman of the university board of trustees’ investment committee, was not immediately returned.
A.J. Edwards, senior investment officer, will take over as interim CIO “until the university has identified a suitable replacement,” according to Mr. Bruce’s e-mail.
“The core team of professionals in the university’s investment office is already working effectively with the investment committee of the board of trustees to implement a smooth transition and ensure that the university meets its investment targets,” Mr. Bruce wrote.
Before being named CIO at Cornell, Mr. Abbott was CEO and head of the investment committee at hedge fund of funds Robeco-Sage.