University System of Maryland Foundation, Adelphi, is looking for a new chief investment officer for its $925 million endowment and has hired investment executive search firm Charles A. Skorina & Co. to assist, said Leonard R. Raley, vice chancellor of the university system and president and CEO of the foundation.
USM Foundation handles investments, and endowment and operating funds for 12 member universities and several state non-profit institutions.
Former CIO Michael K. Barry, who set up the foundation's investment operations nine years ago, left in June to become CIO of Washington-based Georgetown University's $1 billion endowment fund.
Mr. Raley said in an interview that the foundation investment committee and foundation board members debated a number of options for managing the endowment and decided to keep the CIO position in-house. “It would allow us to have someone with their hands on the wheel every day,” Mr. Raley said.