Landis Zimmerman to HHMI
Landis Zimmerman, chief investment
officer, has decided to leave Penn to accept the position
of vice president and chief
investment officer at the Howard Hughes Medical Institute located
in Chevy Chase, MD. At HHMI he will oversee the investment
of an endowment in excess of $12 billion and over 30 investment
professionals. The HHMI is a medical research organization
whose principal mission is the conduct of biomedical research;
approximately 320 Hughes investigators lead medical research
labs at 68 of the nation's leading research centers and universities,
Mr. Zimmerman, C '81, WH '85, returned to the University
in 1998 as Penn's first chief investment officer. He oversaw
the implementation of an expanded asset allocation strategy
to incorporate diversifying and excess return assets in addition
to Penn's historical allocations to equity and fixed income
securities. "He recruited an excellent team of professionals
to assist him in managing the University's endowment," said
Craig Carnaroli, senior vice president for finance and treasurer.
and leadership has served the University well, particularly
during the most recent turbulent markets. For the most recent
three-year period ended June 30, 2003, the performance of the
endowment was not only positive (3.5% compounded), but exceeded
its composite benchmark by approximately 700 basis points.
Based on the most recent results released by NACUBO, Penn has
the 11th largest endowment in terms of total assets--an improvement
of 7 places since FY 2000," Mr. Carnaroli said.
Mr. Zimmerman has agreed to assist in the transition and
expects to remain here through the next Investment Board meeting
in mid-February. A search for a replacement will commence immediately,
Mr. Carnaroli added.