The University of Texas Investment Management Co. on Wednesday hired Bruce Zimmerman, Citigroup Inc.'s global head of pension investments, as its new chief investment officer and CEO.
Starting July 1, Zimmerman
will lead a company that oversees about $22 billion in assets for the UT System, the Texas A&M University System and other state institutions.He
replaces Bob Boldt, who left UTIMCO
in September after 4 1/2 years amid increasing tension with the board and UT officials over how the fund should continue its push into "alternative" assets such as private equity, hedge funds and real estate.In his
current job, Zimmerman
manages $18 billion in U.S. pension and retirement-plan assets for Citigroup
.Zimmerman's résumé says he
shifted more of the pension plan's assets into private equity and international markets.The Citigroup pension plan currently has more than 40 percent of its assets in private equity, real estate, natural resources and hedge funds.Zimmerman will be paid $525,000 a year to start, the same base salary earned by Boldt, according to H. Scott Caven Jr., a UT System regent and chairman of the UTIMCO board.
also will participate in UTIMCO's bonus plan, Caven said.
We wanted to have a person leading UTIMCO with experience in that, and Bruce
certainly comes to the table with that experience."Zimmerman
will inherit a depleted executive-level staff at UTIMCO