David Harkins was named the first chief investment officer for the University of California at San Francisco Foundation, said university spokeswoman Laura Kurtzman in an e-mail.
The $1.2 billion endowment funds had been managed by the foundation's investment committee and external managers, “but have grown large enough to warrant professional in-house management,” a news release said.
UCSF Chancellor Sam Hawgood said in the release it is essential for UCSF to grow the endowment in light of decreased state funding and for the medical university to remain competitive with its peers, most of which “have large and well-established endowments.”
The university receives 4.5% of its total $4.5 billion budget from the state, down from 9% 10 years earlier, he said.
Mr. Harkins joins the UCSF foundation from the $9.6 billion University of Pennsylvania endowment, where he was managing director of public markets and responsible for equity and fixed-income investments.
Amanda Mott, a spokeswoman for the university, could not provide information on Mr. Harkins' replacement by press time.