April 9, 2001 UC Regents appoint new treasurer Office of the President The University of California Board of Regents appointed David H. Russ, the public markets managing director for the University of Texas Investment Management Company, as its new treasurer and vice president for investments on April 3. Russ, 47, replaces Patricia A. Small, who resigned last August after having served as treasurer for five years. DeWitt F. Bowman, former chief investment officer for the California Public Employees Retirement System, had served as interim treasurer. Russ will begin his new position June 1, at an annual salary of $275,000. "I am pleased that David Russ will be joining the University of California's investment management team," said Joseph P. Mullinix, UC's senior vice president for business and finance. "His distinguished expertise in portfolio management and special background in university endowments will enable UC to continue its commitment to a strong, secure investment portfolio that benefits the university's public mission in support of its students, faculty and staff." At the University of Texas Investment Management Company (UTIMCO) since June 1997, Russ was responsible for all global publicly traded investments, both equity and fixed income, alternative marketable assets, investment manager selection, and asset allocation, as well as its private equity portfolios. UTIMCO manages the endowment and operating fund investments of the University of Texas system, a portion of the Texas A&M University assets, and the Permanent Health Fund for 14 medical research centers in Texas. Russ previously served as director of investment management and portfolio manager for Pacific Telesis Group (now SBC Communications), and as a portfolio manager for Stanford Management Company, which oversees all Stanford University investments. Russ received his undergraduate degree in genetics from UC Berkeley in 1980 and a master's in administration, with a concentration in finance and accounting, from UC Davis's Graduate School of Management in 1986. The UC Board of Regents has the fiduciary responsibility under the state Constitution for overseeing UC's pension and endowment funds. Last year, the Regents modified the reporting responsibilities of the Treasurer's Office and revised asset allocation policies for the university's portfolio, which as of Feb. 28, 2001, totaled approximately $55.5 billion. Under the new structure, the Treasurer's Office reports to the Regents on the performance of the investment portfolios and to the Office of the President for administrative operations, campus and campus foundation services, and its budget. A search committee to select the new treasurer was convened last fall by Regent Judith L. Hopkinson and UC President Richard C. Atkinson. The committee members included: Gov. Gray Davis, an ex officio Regent; Regents S. Sue Johnson, John G. Davies, Howard Leach, David S. Lee, Irene Miura (president, Alumni Associations of UC), John J. Moores, and Peter Preuss. Mullinix, UC senior vice president -- business and finance. Michael Cowan, chair, Academic Senate; professor, UC Santa Cruz. John Hotchkis, member, Regents' Investment Advisory Committee. Bruce Lehman, faculty adviser, Investment Advisory Committee; UC San Diego professor. William Podlich, vice chair, finance and investment, UC Irvine Foundation, and chair, Pacific Investment Management Co. (PIMCO). Julia Armstrong-Zwart, chair, University of California Retirement System Advisory Board (UCRS). Lori C. Stein, assistant dean of humanities, UCLA, and member-at-large, UCRS Board. For more information about the Treasurer's Office and UC's investment portfolio is available at its web site. Return to Front Page