Megan Hammond joined the investment office of the University of Michigan, Ann Arbor, on Monday as managing director of investments.
Ms. Hammond leads the $1.2 billion real estate and the $1.1 billion natural resources portfolios for the university's $12.2 billion long-term endowment, spokeswoman Lauren Thorne said.
Ms. Hammond replaces Michele Everard, who will leave UM's investment office in December after 38 years. Ms. Everard's plans could not be learned.
Previously, Ms. Hammond was managing director of real assets for the $5.5 billion endowment of Dartmouth College, Hanover, N.H. A Dartmouth representative could not immediately be reached to provide information about Ms. Hammond's replacement.