The University of Pennsylvania’s chief investment officer is stepping down after heading the endowment office since August 2004.
Kristin Gilbertson announced her intent to resign on Oct. 15. She will continue to serve as a special advisor through the end of the year while the university searches for a replacement.
UPenn, a Philadelphia-based Ivy League school, had the 11th largest university endowment in North America as of June 30, 2011, according to the National Association of College and University Business Officers.
The total value of the endowment was $6.6 billion as of June 30, 2011. Payouts from the endowment provided $221 million in budgetary support to the university during fiscal year 2011, according to UPenn’s financial statements.
Until a new CIO is appointed, David Harkins, who heads the public equities investment team, has been appointed interim CIO. UPenn’s outstanding bonds are rated Aa2 by Moody’s Investors Service and AA-plus by Standard & Poor’s.