Joseph L. Dowling III was named chief investment officer of Brown University's $2.8 billion endowment, Providence R.I., confirmed spokesman Mark Nickel.
Mr. Dowling will start in June and is replacing Cynthia Frost, the university's first CIO, who retired at the end of 2012. Kenneth Shimberg will continue as interim CIO until next month. He will then resume his duties as managing director.
Mr. Dowling will lead the university's investment office as well as serve as a member of the president's executive committee.
Mr. Dowling was founder and CEO of hedge fund firm Narragansett Asset Management until it was liquidated in 2006. Since 2008, he has managed his own money and that of a “select group of strategic investors in a private partnership called Narragansett Strategic Partners,” according to a news release from Brown.