Former University CIO Peter Stein has found a new job. When he announced his departure in January on the heels of a 25% decline in endowment value, Stein attributed his bowing out to family needs:
“It’s really about relocation for my family,” he said.Pensions & Investments now reports that Stein will be starting as chair of Pacific Alternative Asset Management Co.'s strategy allocation committee on August 1. Based in Irvine, CA, PAAMCO is a fund-of-hedge-funds investment firm with $9 billion under direct management. (The U of C's endowment, valued at $4.9 billion as of March 31, rose from $3.55 billion in 2005, when Stein came on, to more than $6 billion in September 2008.)
Mr. Stein...also will manage the less liquid strategies in PAAMCO's portfolios, such as direct lending and longer-term event-driven workouts, according to a news release.The position is new, said spokesman Steve Bruce.Stein said in January that any career move would depend on “professional opportunity and location,” and he mentioned the possibility of moving to the West Coast. From PR Newswire:
"I believe my experience as CIO of a major university endowment will only enhance PAAMCO's ability to develop and implement cutting-edge investment strategies," Mr. Stein said.Stein's replacement, former Boeing VP and CIO Mark Schmid, took over on July 6.