Rick Bookstaber was named chief risk officer and managing director, risk management at the University of California’s investment office, said an internal memo from Chief Investment Officer Jagdeep Singh Bachher obtained by Pensions & Investments.
The position is new. Mr. Bookstaber will start Aug. 3.
Mr. Bookstaber joins UC from the Office of Financial Research at the U.S. Department of Treasury, where as a research principal he focused on developing a model to assess systemic financial vulnerabilities of financial firms. A spokesman for the Treasury Department was unavailable for comment about a replacement for Mr. Bookstaber.
Mr. Baccher has made a number new hires since taking over in January 2014, while other employees have left as he reorganizes the office.
The investment office manages around $90 billion for the university's endowment, pension fund and investment pool.