Chief Investment Officer of the Regents
The Office of the Chief Investment Officer of the Regents manages the University of California's retirement, endowment, working capital, and cash assets under the policies, guidelines, and performance benchmarks established by the Regents. The mission of the Office is to implement those policies and guidelines by selecting, executing, and monitoring investment strategies designed to add value over the benchmarks within a risk-controlled framework.
The Office adheres to high ethical as well as professional standards in serving the investment management needs of its constituency.
The Office currently manages a portfolio totaling approximately $120 billion. These investments provide substantial benefits to current and retired employees, and support the university's mission of education, research, and public service.
The Office of the Chief Investment Officer of the Regents is organized into three sections:
- Investment Services
- Investment Risk Management
- Investment Management
The organization chart (pdf) provides more specific information on the office structure.
The role of the CIO
The Board of Regents governs the University of California and appoints its chief investment officer (CIO) and vice president of investments. The CIO and staff of the Office of the Chief Investment Officer of the Regents are charged with the responsibility for the day-to-day management of the investment program, operations, and the fiduciary oversight of all funds within their control.
As an officer of the Regents and member of the UC President's Executive Cabinet, the CIO is responsible for implementing the approved investment policies and the development of investment processes and procedures for asset allocation, risk management, investment manager selection and termination, allocation, monitoring and evaluation, and the identification of management strategies that will improve the investment efficiency of the Fund assets.
The CIO has dual responsibility to the Board of Regents and the President of the University of California and advises its Committees and Officers, the President, and other university officers on investment matters, and oversees the provision of all investment services to the university. The CIO, or a designee from the Office of the Chief Investment Officer, also serves as a member of the UC Retirement System Advisory Board.
The UC Board of Regents has the fiduciary responsibility under the state constitution for overseeing UC's pension and endowment funds. In 2000, The Regents modified the reporting responsibilities of the Office of the Chief Investment Officer and revised asset allocation policies for the University's portfolio. Under this structure, the Chief Investment Officer 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.