UTIMCO Board of Directors appoints interim CEO, launches process to select next leader

AUSTIN – The Board of Directors for the University of Texas Investment Management Co. voted unanimously Thursday to select Mark Warner as its interim chief executive officer and chief investment officer.

Warner will step into the position held by Bruce Zimmerman, who announced earlier this week that he is stepping down after nearly a decade at the helm of UTIMCO, the investment management arm of the endowment that benefits both the University of Texas and Texas A&M systems.

Warner joined UTIMCO in 2007 to manage the natural resources portfolio and most recently served as the senior managing director, with broad responsibilities for several portfolios including emerging markets and private equity, as well as aspects of management of the firm.  During his tenure at UTIMCO, he has become well established as an institutional investor on a global basis and has led the investment team’s efforts in forging unique partnerships and in co-investing alongside the endowment’s partners in a variety of industry sectors on multiple continents.

The UTIMCO Board also authorized the creation of a search advisory committee and the hiring of an executive search firm to assist with the selection of Zimmerman’s successor.

“We have the utmost confidence in Mark Warner and his ability to provide leadership and make progress while we conduct a national search for UTIMCO’s next CEO/CIO,” said Jeffery Hildebrand, chairman of the UTIMCO Board and vice chairman of the UT System Board of Regents. “We have a tremendous opportunity to build on UTIMCO’s strong foundation, and I have no doubt that the opening will attract the best possible talent to both protect and grow our investments for the benefit of Texas public higher education.”

Created in 1996, UTIMCO is the first 501(c)(3) investment corporation formed by a public university and under the authority of the UT System Board of Regents invests a number of funds, including the Permanent University Fund, currently valued at $17.9 billion. Total assets under UTIMCO management now total just under $37 billion.

Funds under UTIMCO’s management comprise the third-largest university endowment in the nation, behind endowments held by Harvard and Yale. During the past year, UTIMCO’s investment returns ranked as the 9th best among the 64 U.S. endowments of $1 billion or more in assets.