- New CEO Wallace at $22.2 billion Stanford fund overhauls team
- Shoberg is among three recent departures from Texas fund
Stanford Management Co., the university’s investment arm overseeing $22.2 billion, hired Mark Shoberg as managing director of real estate, the latest personnel change under new Chief Executive Officer Robert Wallace.
Shoberg held the same position at the University of Texas Investment Management Co., or Utimco, which oversees about $35 billion of assets including endowments for the University of Texas System and Texas A&M University. He was with the nonprofit management company in Austin for more than a decade, according to CEO Bruce Zimmerman, who confirmed the departure in an e-mail.
Stanford Management has been overhauling its staff since hiring Wallace, the former head of Alta Advisers Ltd., an investment company in London. Wallace previously worked at Yale University’s investment office. Since he joined Stanford last March, at least six senior staffers from an investment team of 22 have departed, including two managing directors, according to Charles Skorina, an executive recruiter in San Francisco.
Lisa Lapin, a Stanford spokeswoman, declined to comment.
Zimmerman said Edward Lewis, senior director of real estate at Utimco, will be promoted to replace Shoberg. He also said Scott Bigham, director of lower and middle private markets, left in January to launch an investment business after 11 years at the management company. Lindel Eakman, head of private equity, left last year to join venture capital firm Foundry Group, Zimmerman confirmed.
The departures were earlier reported by Dow Jones.