John J. Regan, a senior investment officer for Cornell University’s Office of University Investments, is leaving June 30 to launch Permanens Capital Advisors, an outsourced CIO portfolio management firm that will be based in New York.
In a telephone interview, Mr. Regan said he and fellow Permanens co-founder Joseph S. Steinberg, president of Leucadia National Corp., would focus on providing investment services for endowments, foundations and family offices. Leucadia National is a diversified holding company involved in businesses such as real estate, oil and gas drilling, manufacturing and medical products.
Permanens starts operations on July 1, and it also will serve as the family office of Mr. Steinberg, who is chairman of the firm. Mr. Regan is chief investment officer of Permanens.
Mr. Regan, who worked for Cornell for just under two years, described his time at the university as “a wonderful experience.” Prior to joining Cornell, he had spent his career in a variety of private-sector investment management jobs.
His responsibilities “will be taken up by other members of the (university’s) investment office,” according to a news release from the university.
Mr. Regan is the second top investment executive to recently leave Cornell, Ithaca, N.Y., which had an endowment of $5.28 billion as of April 30. In early May, Michael Abbott, CIO at Cornell, left abruptly after only six months on the job. A.J. Edwards, a senior investment officer, was named interim CIO.
Tommy Bruce, vice president for university communications, could not be reached for comment on when Cornell would choose a permanent CIO.