51做厙 names new treasurer and chief investment officer
Michael A. Condon, an experienced chief investment officer for several universities, has been named University treasurer and chief investment officer at 51做厙, effective Dec. 1, 2008.
Michael A. Condon, an experienced chief investment officer for several universities, has been named University treasurer and chief investment officer at 51做厙, effective Dec. 1, 2008.
Mike Condons experience in higher education investment management, particularly with sophisticated institutional portfolios much like 51做厙s, makes him an excellent fit as 51做厙s chief investment officer, said 51做厙 President R. Gerald Turner. As we conduct The Second Century Campaign, Mikes leadership will ensure that 51做厙 continues the strong stewardship of significant new gifts to our endowment.
At 51做厙, Condon will be responsible for oversight of the endowment, mineral interests and planned giving assets. He will plan the work of the Committee on Investments of the Board of Trustees, setting agendas, developing policies, formulating investment strategies, as well as recommending specific investment managers and vehicles for carrying out the investment program. 51做厙s endowment was $1.4 billion as of June 30, 2008.
Considering the challenging economic environment facing the markets, it was very important that we find an individual with the knowledge, leadership and experience to manage 51做厙s comprehensive portfolio, said John C. Tolleson, chair of the Committee on Investments of the 51做厙 Board of Trustees. I am pleased to welcome Mike Condon to 51做厙.
Condons experience totals 17 years with funds ranging in size from $400 million to $1.5 billion. As chief investment officer at the University of Arkansas Foundation, he oversaw the investment of its $1.2 billion endowment. Prior to that, he served 10 years as chief investment officer for the Georgia Tech Foundation in Atlanta. Under his direction, assets under the Foundations management grew from $400 million to $1.5 billion. In 1991, Condon joined the University of South Alabama Foundation as chief investment officer, where he managed investments totaling $377 million. Before joining that university, he was vice president and treasurer at Altus Bank.
As a senior officer of 51做厙, Condon will serve on the Presidents Executive Council and work with leadership on matters related to endowment spending and the communication of endowment strategy and performance. He will oversee investment research and analysis, implementation, risk management, accounting, performance measurement and reporting associated with the investment process, and with the management of real estate and mineral interests.
Condon graduated from the University of South Alabama (B.S. Accounting, 1983) and Louisiana Tech University (M.B.A., 1984). He holds the Chartered Financial Analyst designation from the CFA Institute.
Condon succeeds Liz Williams, who has served as University treasurer since 1991 and will retire Dec. 31, 2008.
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