VCU forms company to manage its investments

Virginia Commonwealth University has formed the VCU Investment Management Co. to advise the university and its affiliated foundations on the management of more than $2 billion in investable assets.

Approved by the VCU Board of Visitors in May and the VCU Health Board of Directors in June, the new nonprofit company will provide investment and investment management services for the university and VCU Health and affiliated entities.

VCU alumna Nancy Everett was named as CEO and chief investment officer. She started her career in the financial services industry in state government, spending 26 years with the Virginia Retirement System, including four years as its chief investment officer.

Most recently she served as a senior adviser at New York-based Lombard Odier Investment Management. She also was managing director and head of U.S. fiduciary management at BlackRock and CEO of Promark Global Advisors, the former General Motors Asset Management Co.

“The creation of the VCU Investment Management Company represents industry best practices in the financial stewardship of the university’s assets,” Everett said in a statement.  “Our role is to work with VCU and its affiliates to provide the financial stability necessary to fulfill its mission and to help it grow and prosper for generations to come.” 

The company plans to begin investing activities in early 2016.

William Lee has been named chief operating officer. Lee brings 18 years of experience in financial services and alternative investing. Prior to joining VCIMCO, Lee was a managing director, chief financial officer and chief compliance officer at Summit Rock Advisors in New York.

Bob Hill was appointed deputy chief investment officer. Hill previously served as executive vice president, co-chief investment officer at Piedmont Investment Advisors and was CEO/CIO at Shenandoah Asset Management, which he co-founded in 1999.

Bruce MacDonald was named managing director. MacDonald previously served as the chief investment officer and managing partner at Crayna Capital, an advisory firm he founded. He also spent several years at the University of Virginia Investment Management Company as chair of the investment committee.

The investment company said its primary objective in managing the assets is to maximize long-term real return commensurate with the risk tolerance of the VCU entities.