Exodus at the University of California as van Gelderen Quits
Senior managing director Eduard van Gelderen is leaving after just a year, marking the investment team’s third resignation in recent weeks.
Eduard van Gelderen — the former CEO of APG Asset Management — has put in his notice to resign from the University of California’s investment office, according to a source familiar with the situation.
Van Gelderen joined the team one year ago almost to the day, relocating from Amsterdam to Oakland, California, for the senior managing director position.
On Monday, investment officer Tom Fischer told UC leadership he would be stepping down, and correctly predicted more of his colleagues would follow.
“Yes, there has been a high number of departures, and I expect there will be more,” he told Institutional Investor by phone Wednesday. “I think the proof is in the pudding, and the factual aspect is that there are a lot of people who are leaving.”
Fischer’s last day is Friday. Next week he will return to the world of commercial real estate operations and acquisitions as senior vice president and director of investments at JB Matteson, a private property firm based in San Mateo, California.
His departure follows the resignation of public equities chief Scott Chan last month. Chan is leaving the university system to become deputy chief investment officer of the California State Teachers’ Retirement System in August, the pension fund announced June 21.
Van Gelderen, reached by II late Thursday evening, declined to comment.
[II Deep Dive: Pension Star Joins UC Regents]
UC chief investment officer Jagdeep Bachher said via email, “Over the last 4 years as people have done innovative things, we have even had 3 individuals leave to take on CIO title positions at endowments, family offices, and pension plans in U.S. We will not be replacing Eduard’s role and his responsibilities will be assumed by internal teams. We wish Eduard and his family the best and look forward to collaborate with him over the long term.”
Van Gelderen was one of a number of high-profile hires Bachher made from the allocator community since taking over at UC in 2014. At least five of them have since cut ties with the organization, including van Gelderen, Chan, Fischer, former senior advisor Ashby Monk, and former director Nic Winterstorm, who spent nearly a decade at Norges Bank before joining UC.
The central investment office for the UC system manages about $100 billion in retirement, endowment, and operating assets.