Robert F. Wallace was named president and CEO of Stanford Management Co., overseeing the Palo Alto-based university's $25 billion endowment and other trust assets, university spokeswoman Lisa Lapin said.
Mr. Wallace replaces John F. Powers, who announced in November he would be leaving in 2015. Mr. Powers said in an e-mail that he is looking for a new opportunity.
Mr. Wallace will start having some responsibilities at Stanford Management Co. immediately and will move into his full-time role over the next several months. Mr. Powers will work with Mr. Wallace during the transition, a news release from the university said.
Mr. Wallace was previously the CEO and chief investment officer of Alta Advisers in London. A spokesman at Alta Advisers could not immediately be reached for information on a replacement.
Before joining Alta in 2005, Mr. Wallace worked at the Yale Investments Office, which manages the New Haven, Conn.-based university's $23.9 billion endowment, and he currently serves on the investment committee at University of Cambridge in England, according to the news release.