Commonfund, which provides fund management and investment advice to nonprofit institutions, announced today that Robert Litterman has been elected to serve as chair of its board of trustees.
Litterman succeeds Brad Gallagher, who is stepping down to focus on his business interests.
Litterman has been a member of the Commonfund board of trustees since 2009, and most recently has served as the chair of the audit and risk committee.
“Bob and I have worked closely together on the Board for the last five years, and he will bring great insight and leadership to our board and the entire Commonfund organization,” said Verne Sedlacek, Commonfund president and CEO. “I am also very grateful to Brad Gallagher for the nine years that he has served on the Commonfund Board. He has contributed greatly to Commonfund and our clients.”
Litterman spent 23 years at Goldman, Sachs & Co. in research, risk management, investments and thought leadership roles. He oversaw the Quantitative Investment Strategies Group. During his tenure at Goldman, he researched and published a number of groundbreaking papers in asset allocation and risk management. He is the co-developer of the Black-Litterman Global Asset Allocation Model, a key tool in investment management.
Directly or through its subsidiaries, Commonfund Capital and Commonfund Asset Management manages nearly $25 billion for endowments, foundations and pension funds. Among the pioneers in applying the endowment model of investing to institutional investors, Commonfund provides extensive investment flexibility using independent investment sub-advisors for discretionary outsourcing engagements, single strategies and multi-asset solutions. Investment programs incorporate active and passive strategies in equities and fixed income, hedge funds, commodities and private capital.