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Landis Zimmerman to HHMI

Landis Zimmerman, chief investment officer, has decided to leave Penn to accept the position of vice president and chief investment officer at the Howard Hughes Medical Institute located in Chevy Chase, MD. At HHMI he will oversee the investment of an endowment in excess of $12 billion and over 30 investment professionals. The HHMI is a medical research organization whose principal mission is the conduct of biomedical research; approximately 320 Hughes investigators lead medical research labs at 68 of the nation's leading research centers and universities, including Penn.

Mr. Zimmerman, C '81, WH '85, returned to the University in 1998 as Penn's first chief investment officer. He oversaw the implementation of an expanded asset allocation strategy to incorporate diversifying and excess return assets in addition to Penn's historical allocations to equity and fixed income securities. "He recruited an excellent team of professionals to assist him in managing the University's endowment," said Craig Carnaroli, senior vice president for finance and treasurer.

"Landis' expertise and leadership has served the University well, particularly during the most recent turbulent markets. For the most recent three-year period ended June 30, 2003, the performance of the endowment was not only positive (3.5% compounded), but exceeded its composite benchmark by approximately 700 basis points. Based on the most recent results released by NACUBO, Penn has the 11th largest endowment in terms of total assets--an improvement of 7 places since FY 2000," Mr. Carnaroli said.

Mr. Zimmerman has agreed to assist in the transition and expects to remain here through the next Investment Board meeting in mid-February. A search for a replacement will commence immediately, Mr. Carnaroli added.