Kristin Gilbertson, the University of Pennsylvania’s chief investment officer, is stepping down after overseeing one of the largest U.S. college endowments for eight years.
Gilbertson will serve as a special adviser through the end of the year while the Philadelphia-based university begins a search for her replacement, according to a memo from Craig Carnaroli, Penn’s executive vice president. David Harkins, the endowment’s managing director of public markets, will serve as interim chief investment officer, according to a copy of the memo sent to Bloomberg News yesterday by Stephen MacCarthy, a university spokesman.
“Kristin has worked tirelessly on behalf of Penn and we are enormously grateful for her talents and contributions,” Carnaroli said. “Performance of the endowment has improved steadily under her leadership.”
Penn had the 11th-largest university endowment in North America as of June 30, 2011, according to a study by the National Association of College and University Business Officers and the Commonfund Institute released earlier this year. The value of the fund was $6.8 billion at the end of June, the school reported last month. The endowment posted a 1.6 percent return on its investment for the fiscal year, down from a 19 percent gain a year earlier.