Christopher Brightman, CEO of the University of Virginia Investment Management Company, which manages the University's endowment, has resigned for unspecified personal reasons.
According to Pensions & Investments, a financial newsletter, Brightman said he plans to return to the investment management industry in the future.
"I have the utmost regard for the staff and board of UVIMCO," Brightman said. "My five years serving the University were an honor and the highlight of my professional career. I regret that my personal situation prevents me from continuing to serve."
University spokesperson Carol Wood said she does not believe Brightman intends to return to UVIMCO.
UVIMCO is a nonprofit, non-stock corporation that oversees the University's private endowment in addition to other funds associated with the University. According to its Web site, UVIMCO as of Jan. 31 manages $4.37 billion in assets, which includes the University's $2.74 billion endowment, $947 million of assets of affiliated organizations and $682 million in University operating funds.\nA national search for a new CEO is set to begin immediately, but UVIMCO has not yet made a list of candidates public. In the meantime, John Macfarlane, a senior board member and investment professional, will oversee the investment process and serve as the chairman of the Investment Committee. Leonard Sandridge, the University's executive vice president and chief operating officer, will manage administrative matters at UVIMCO.
"The University and the UVIMCO board have every confidence that the UVIMCO team we have in place will continue to do exceptional work in managing the University's endowment," Sandridge said.
Before joining UVIMCO, Brightman oversaw more than $9 billion in assets at the Arlington-based Strategic Investment Group. When he was hired by UVIMCO in 2004, Brightman managed the University's $2.9 billion endowment. By 2008, UVIMCO was managing about $5 billion in total before the economic recession hit and that number dipped to about $4 billion.
Wood said both the University and UVIMCO stood firmly behind Brightman during both difficult and prosperous economic times. The 23-person team Brightman leaves behind is more than capable of continuing his vision until his successor is found, Wood said.
"[Brightman] did an outstanding job of leading UVIMCO as its chief executive officer for the last six years," Wood said. "All who worked with him at the University wish him the best"
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