Larry Lebowitz resigned as chief investment officer of The Investment Fund for Foundations, said a memo sent to TIFF members and obtained by Pensions & Investments.
“TIFF has made significant progress in the four and a half years that Larry has served as CIO. However, after a series of productive and forward-looking conversations, Larry and we agreed that now is the right time to bring new leadership to our investment team,” said TIFF CEO Dick Flannery and Chairwoman Collette Chilton in the memo.
Mr. Lebowitz said in the memo that he “will continue to provide advice and guidance” to the “TIFF investment team during the transition process.”
Mr. Flannery has been appointed interim CIO while the board seeks a permanent replacement. Subsidiary TIFF Advisory Services’ board has established a CIO search committee consisting of Mr. Flannery, Ms. Chilton, Scott Malpass, vice president and CIO at University of Notre Dame, and Seth Alexander, president of MIT Investment Management Co.
TIFF had more than $11 billion in assets as of Sept. 30.