Georgetown CIO Larry Kochard to leave in 2011, manage UVa endowment

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)

12 Comments on “Georgetown CIO Larry Kochard to leave in 2011, manage UVa endowment

  1. I think he was the chief investment, not information officer.

  2. @David, you say good riddance, but under Kochard, the GU endowment was one of the highest performing in the nation, weathering the recession with far less damage than most, and in the last five years or so, moved up from being ranked around 82nd nationally up into the 60’s.

    It was the 25 years prior to Kochard being hired, when there was no Chief Investment Officer (nor any discernible strategy around building the endowment through strategic investment) that were the real problem.

  3. @ Jacques, I don’t deny that as Chief Investment Officer, Kochard has transformed GU’s endowment to be one of the highest performing in the nation, and perhaps I (somewhat wrongly) haven’t expressed any appreciation for what he has done for this university and its endowment.

    However, Georgetown’s investment policies regarding transparency have not changed at all since his 25 years being here, with, yet again, Georgetown receiving a failing grade in endowment transparency, due to a lack of public information (http://blog.georgetownvoice.com/2010/10/27/university-gets-a-b-grade-from-sustainable-endowments-institute/). Why the lack of transparency? Many reasons, I’m sure.

    My “good riddance” wishes to Larry are, I suppose, based solely on his statements denying the importance of socially responsible investing at Georgetown, deemed a “moral imperative” by the Association of Jesuit Colleges and Universities, as well as by the Society of Jesus in the US. When faced with questions of socially responsible investing, and challenges that the so-called “Committee on Investments and Social Responsibility” was, in fact, a sham (not a committee to regulate endowment investments, as information on Georgetown websites used to lead one to believe), Georgetown and Kochard rose to the occasion by removing all mention of “Jesuit Values” and “Social Responsibility” from the Investment Office website.

    As Dr. Porterfield once said, all the good Georgetown does has to be financed on something. For now, it is financed on completely unacceptable and immoral investment practices that are incompatible with Catholic social teaching and the mission of the Society of Jesus in the US. What bothers me is the hypocrisy — Georgetown constantly claims that it must strictly follow Catholic social teaching and values, however, only when it is convenient for the administration. In order to bring this university into line with other responsible Jesuit, Catholic, and non-religious institutions in the United States, we will need to adopt a policy of socially responsible investing. Many high-ranking universities in the US have such policies and their investment officers claim that socially responsible university endowments can both perform well (as is evidenced by their endowment transparency), and do good in the local and global communities. If socially responsible investing can be cast aside without a second glance, I will look forward to further erosion of Georgetown’s Catholic and Jesuit identity.

  4. @ David,

    Oh you’re one of “those” people. As soon as you used the word “transparency,” I stopped reading. The CIO’s job is to make Georgetown money. Frankly, I don’t care how he does it.

  5. @Tim – It’s absolutely important if this school still pretends to uphold Jesuit ideals. For Georgetown students to choose to be ignorant about the sources of the school’s funding is hypocritical and not at all socially responsible.

  6. @David Just say you oppose investing in Israel, and be done with it. Don’t give us this nonsense about “Jesuit Identity” and “Catholic Tradition.”

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