According to an AP report published yesterday, Larry Kochard, Georgetown’s first-ever chief investment officer, will leave on January 1 to manage approximately $3 billion of the University of Virginia’s endowment.
Kochard, who was hired as the founding director of Georgetown’s investment office in 2004, will become the Chief Executive Officer of UVa’s Investment Management Company as well as a member of the University’s Board of Members, reports the UVa Daily. According to his biography, Kochard has quite a few ties to UVa—he earned his Master’s and Doctorate degrees in economics from UVa in 1996 and 1999, respectively, and taught as an finance professor in the McIntire School of Commerce from 1997 to 2000.
“UVIMCO has one of the strongest and most respected teams in the investment world and one of the strongest and most respected boards,” he told the Daily. “I love the University of Virginia and this community, so this is really coming home for me.”
Georgetown’s loss will be significant: A 2009 Voice profile describes Kochard as largely responsible for turning around the University’s historically under-performing endowment and establishing day-to-day investment practices adopted decades earlier by competing schools.
As UVIMCO CEO, Kochard will head a 23-person staff responsible for overseeing UVa’s almost $3 billion main endowment, as well as $1.6 billion in other endowment assets held by university foundations.
Kochard replaces former UVIMCO CEO Christopher Brightman, who resigned earlier this year for “personal reasons.”
Photo: UVa Daily (Jane Haley)