Bruce Zimmerman has resigned as chief executive of Utimco, the investment company of University of Texas System.
Bruce Zimmerman, chief executive of Utimco, last week announced that he is stepping down from the position after a decade of leading the investment company of University of Texas System and Texas A&M System.
Zimmerman was appointed as chief executive and chief investment manager in 2007. Under his leadership, Utimco added more than $4.2bn – an average of $475m per year – for both systems in value.
Utimco was founded in 1996 to manage the respective endowment funds of the two university systems and to invest in funds and companies. When Zimmerman first joined, Utimco’s assets under management totalled $23.5bn, but they have since increased to approximately $37bn.
Utimco’s board is set to appoint an interim CEO and chief investment officer as it launches a national search for a permanent successor.
Zimmerman said: “It has been my extraordinary honor to lead Utimco and I am so proud of the results the team has delivered. The Utimco staff and board, and everyone associated with the UT and A&M Regents and Systems, are remarkable people contributing so much to the state.
“While I will miss working with my colleagues, I have great optimism about Utimco’s future and I am excited to begin the next chapter in my life.”
