The University of Virginia Investment Management Company made public its decision to entrust the University's financial future to Christopher J. Brightman by selecting him as its new chief executive officer Friday.
UVIMCO is in charge of investing and managing the University's endowment funds, which are financed through donations from University patrons.
Over the past 29 years, these endowment funds have seen a tremendous amount of growth under the leadership of Brightman's predecessor, Alice W. Handy. When she began working as the CEO, the endowment was worth about $50 million. When she left last November, it was worth more than $2 billion.
University President John T. Casteen, III expressed his confidence in Brightman's abilities.
He "has had a great deal of successful experience in a complex range of investment and management activities," Casteen said. "This background is a good match for what UVIMCO does. And I am confident that he will succeed -- as Alice Handy did before him -- in setting and achieving the necessary level of return on the endowment."
Casteen's sentiments were echoed by Leonard Sandridge, University chief operating officer and executive vice president.
"We are handing over an endowment that has been well managed, and we are confident that Mr. Brightman will continue to manage the endowment in the same exceptional manner," Sandridge said.
UVIMCO interviewed a large number of people, and Brightman was their first choice, Sandridge added. He said UVIMCO was looking for someone with a broad range of experience, extraordinary investment skills, unquestionable integrity and effective and innovative leadership. UVIMCO found all of these qualities in Brightman, Sandridge said.
Brightman said he has a broad range of experience that he will bring to his new position.
"I have approximately 20 years in the investment business," he said. "My experience includes working as a bond portfolio manager, global equity strategist and the chief investment officer of a global multi-manager investment firm."
According to a press release issued by UVIMCO, Brightman oversaw the allocation of about $9 billion dollars, through dozens of investment managers in his prior work.
Brightman said that his decision to join the University was based on three reasons.
"I have for many years been interested in working with or becoming part of a university," he said. "Second, the Charlottesville area is a wonderful place to live. My wife is an avid gardener, and we both love to hike. Third reason is the professional attraction. The most interesting investment strategies being pursued by large institutional investors are being pursued by university endowments."
Brightman said he is looking forward to joining the University and will begin his tenure as the new UVIMCO CEO on Dec. 1.
"I'm honored to have been offered the position, and I eagerly look forward to becoming a part of the University community," he said. "I understand the importance of the trust that the University is placing in not just me, but also the entire staff for managing the University endowment funds."
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