Srinivas Pulavarti, chief investment officer of Spider Management Co., will leave that post following a transition period.
Spider Management — the investment arm of the University of Richmond, Va., that also manages assets for other non-profit institutions — will conduct a search for a replacement, according to a letter to clients from Spider CEO Stephen J. Kneeley obtained by P&I Daily.
The letter said the search will look at both external and internal candidates.
Reached by telephone, Mr. Pulavarti said that after seven years overseeing the University of Richmond's $1.8 billion endowment, he decided it was time to explore other opportunities. Roughly five years ago, the university set up its endowment team as an investment affiliate, Spider Management, which currently oversees more than $1 billion in assets for other non-profit institutions.
Mr. Pulavarti said a transition period is being hammered out, and he won't begin seriously thinking about his next move until a new CIO can assume his responsibilities at Spider.
Reached by telephone, Mr. Kneeley said: “We are grateful for Srini's contributions and very confident that the depth of the team he's led will ensure a smooth transition for clients.”