Continuing a theme I have now highlighted here a number of times, another major university endowment fund manager has left for bigger bucks elsewhere:
Robert Boldt, who managed the $19 billion endowment of the University of Texas, is planning to join Perella Weinberg Partners, according to people briefed on the plan.
Boldt plans to start a new fund at Perella Weinberg based on a model he
used at the University of Texas Investment Management Company,
according to these people, who asked for anonymity because the move had
not been formally announced.
The fund will most likely be
marketed to universities that do not have the capacity to actively
manage their endowments and to other institutional investors.
This is going to continue, as skilled university endowment managers can’t resist the siren song of making oodles more money — with far less grief — elsewhere.
[via NY Times]