Seems the school hired Steve Kneeley, an alum, as CEO a couple and months ago and things must have been ripe for a change. Kneeley has a great background in this stuff and may take our outside money management to another level. He started and built a very large money management operation at a young age which he sold to Legg Mason. I take it the administration is very impressed with him and that he probably is taking a pay cut to run Spider Management. I thould Pulavarti did a nice job for us.
Pulvarti Leaving
- Thread starter spiderboy
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when you get to our level, you want nice, safe, steady returns, not risk and excitement. am sure he fits whatever we were looking for in this endeavor.
My understanding is that Kneely is not making the investment decisions. Srini has ranked in the top 3 managers over the last five years. Losing him is a big blow.
This one suggests that it was his decision not to renew.
http://www.hfmweek.com/news/1717948/richmond-uni-endowment-spider-cio-leaves-firm.thtml://
http://www.hfmweek.com/news/1717948/richmond-uni-endowment-spider-cio-leaves-firm.thtml://
CIO Pulavarti Leaving University of Richmond’s Spider Management Company
June 8th, 2012 EST
Written By Elana Margulies
Via HFMweek
Click here for full article
No Comments
Here is an excerpt from one of them...
"Srinivas Pulavarti, CIO of Spider Management Company, the investment manager for the $1.8bn University of Richmond Endowment, has elected to not renew his five-year contract, causing him to depart the firm at a date to be determined, HFMWeek can exclusively reveal.
Pulavarti, who joined seven years ago, has offered to assist in the transition of his responsibilities before he leaves. He is not believed to have another opportunity lined up…"
Says he doesn't have a gig lined up. Either was forced out or did not like the new setup.
Pulavarti
June 8th, 2012 EST
Written By Elana Margulies
Via HFMweek
Click here for full article
No Comments
Here is an excerpt from one of them...
"Srinivas Pulavarti, CIO of Spider Management Company, the investment manager for the $1.8bn University of Richmond Endowment, has elected to not renew his five-year contract, causing him to depart the firm at a date to be determined, HFMWeek can exclusively reveal.
Pulavarti, who joined seven years ago, has offered to assist in the transition of his responsibilities before he leaves. He is not believed to have another opportunity lined up…"
Says he doesn't have a gig lined up. Either was forced out or did not like the new setup.
Pulavarti
Pulavarti to UCLA.
Really hate that we're losing him.
http://www.pionline.com/article/20120713/DAILYREG/120719924/ucla-investment-brings-former-spider-cio-into-its-web
Really hate that we're losing him.
http://www.pionline.com/article/20120713/DAILYREG/120719924/ucla-investment-brings-former-spider-cio-into-its-web
UR has named Rob Blanford as the new CIO.
http://news.richmond.edu/releases/article/-/10674/rob-blandford-named-president-and-chief-investment-officer-of-spider-management-co.-llc.html
http://news.richmond.edu/releases/article/-/10674/rob-blandford-named-president-and-chief-investment-officer-of-spider-management-co.-llc.html
does anyone know how these guys are compensated? fund managers typically take a small % of total assets under management but not sure if UR or commonwealth of VA type entities just treat them as regular employees with some incentives. would imagine if you want a really good guy or woman, must pay for them.
At SMC, they receive performance bonuses. Not sure about other schools, but for most public schools, the endowment managers actually work for a private company that the school uses, thus they are not ultimately state employees. This allows them to get paid the amounts that they do/deserve.
Last NACUBO study had us at $1.9 billion. Last I heard we were managing around $800 million in other funds as well. I'm not sure what the latest figures are.
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