FOR IMMEDIATE RELEASE
The University of California Board of Regents today (Sept. 18) named DeWitt F. Bowman, former chief investment officer for the California Public Employees Retirement System (CalPERS), as its interim treasurer, effective immediately.
The regents also announced the formation of a committee to conduct the search for a permanent treasurer. It will be chaired by Regent Judith Hopkinson and UC President Richard C. Atkinson. The regents expect to name a permanent treasurer by this spring.
"The selection of an interim treasurer and the search for a permanent treasurer are important steps in maintaining the security of the university's pension funds and enhancing the value of the endowment well into the future," said S. Sue Johnson, chairman of the Board of Regents.
In addition to Hopkinson and Atkinson, the selection committee members include:
-- Gov. Gray Davis, an ex officio regent; Chairman Johnson, regents John Davies, Howard Leach, David Lee, Irene Miura (president, Alumni Associations of UC), John Moores and Peter Preuss (chair, regents' Committee on Finance)
-- Joseph P. 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 and 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
"DeWitt Bowman brings over 40 years of distinguished financial experience to one of the university's most important positions," said Atkinson. "His leadership and investment expertise will be invaluable in implementing the regents' new investment strategy."
Bowman succeeds Patricia A. Small, who, when she announced her resignation on Aug. 14 after nearly 29 years with the university, agreed to continue to serve as treasurer until a replacement was found. Under his contract with the university, he will be paid $20,000 a month for a period of six months.
As CalPERS' chief investment officer from 1989 to 1994, Bowman oversaw the management of $80 billion of assets by internal staff and external firms.
During his tenure there, he established internal management of indexed U.S. equity securities and initiated CalPERS' investments in foreign equity and alternative asset investment funds. He also served as a CalPERS consultant for two years and is currently a consultant providing advice on large pension fund investment strategy, analysis and management.
"The university is extremely fortunate to have found someone of Mr. Bowman's stature and experience as our interim treasurer, and I am equally pleased that we are moving forward to select a permanent treasurer," said Hopkinson, who chairs the regents' Committee on Investments.
The Board of Regents has the fiduciary responsibility under the state Constitution for overseeing the UC pension funds. Earlier this year, the regents modified the reporting responsibilities of the treasurer's office and revised asset allocation policies for the university's portfolio, which totals approximately $58 billion. Under the new structure, the treasurer's office reports to the Board of 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.
Bowman will report to Mullinix, the senior vice president for business and finance. Before joining UC in August, Mullinix served for seven years as senior vice president for finance and administration at Yale University, where he oversaw its investment portfolio in addition to other management responsibilities.
Mullinix previously worked for 10 years at Columbia University, where he rose to senior vice president, and earlier at Goldman Sachs and the U.S. Office of Management and Budget.
While serving as interim treasurer, Bowman would be permitted, while performing his duties as interim treasurer, to continue his current compensated activities and services on the following corporate boards of directors, including the RREEF America I REIT, Dresdner/RCM Equity and Capital Funds, the Wilshire Target Funds, the Brandes Institutional Fund, and the Forward Funds and as a trustee of the Pacific Capital Group (PCG) Private Equity Fund and the Pacific Gas and Electric Nuclear Decommissioning Trust.
In recognition of the mutual commitment of the regents and Bowman to avoid any real or apparent conflict of interest, his university appointment will require him to avoid any such conflict, file disclosure statements in accordance with the state Political Reform Act and report to the president on compensated board service in accordance with UC requirements. In addition, he may not recommend or authorize investment by the university in any of the entities on whose board he serves and he will be prohibited from acting upon or providing any such entity with any confidential university information he may obtain during the course of his UC duties.
Prior to his stint at CalPERS, Bowman was chief investment officer for the City and County of San Francisco Employees Retirement System. Bowman also has over 25 years experience as a senior vice president and trust officer, first with First Wisconsin Bank and then with the California operations of the Canadian Imperial Bank of Commerce.
Bowman is a graduate of the University of Wisconsin and the National Trust School at Northwestern University. Before graduating from college, he served as a pilot in the U.S. Air Force.
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"Today, I am pleased to announce the appointment of DeWitt Bowman as interim treasurer. DeWitt Bowman has four decades of investment and banking experience. He served as chief investment officer for CalPERS from 1989 to 1994, and was previously chief investment officer for the San Francisco Employees Retirement System.
"His leadership and investment expertise will provide a valuable bridge for the management of UC's portfolio as we complete our search for a permanent treasurer, which we begin today with the announcement of a distinguished panel of regents, investment experts and representatives of the universitys staff, faculty and senior management.
"Oversight of the university's pension funds is one of the regents' highest priorities. These investments benefit thousands of UC current and former employees and thereby help ensure the continued excellence of the university's mission of teaching, research and public service.
"The selection of an interim treasurer and the search for a permanent treasurer are important steps in maintaining the security of the university's pension funds and enhancing the value of the endowment well into the future."
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