After 16 low-key years in Hanover, New Hampshire, Jonathon King is heading south -- and straight into the spotlight. Last month the soft-spoken, 49-year-old chief investment officer for Dartmouth College's $2.5 billion endowment agreed to become CEO of UNC Management Co., the independent, not-for-profit organization that oversees $1.1 billion for the University of North Carolina at Chapel Hill and five related UNC entities.

It's a high-profile job, fraught with political tension: Former CEO Mark Yusko riled some UNC board members (and university trustees) last year by pushing to manage outside assets. Yusko decamped to launch his own private asset management company on July 1, and his job has been vacant since. King, who starts next month, says he'll continue Yusko's effort to extend UNC Management Co.'s activities to other UNC campuses, beyond the six it currently serves, but will steer clear of trying to manage nonuniversity money.

"I'm not interested in investing unrelated assets, but I think there is a huge opportunity to work within the UNC system," King says. "I see this as a chance to prove our merits as investment managers and really carry that message out to a broader constituency."

Under King, Dartmouth's endowment posted a compounded annual return of 14.5 percent over the past ten years. During its 2004 fiscal year, which ended June 30, the portfolio rose 18.6 percent. But King is quick to point out that the investment environment has become far more difficult in virtually every asset class, and he doesn't expect to see such high returns going forward.

"The real value added comes from finding managers who are superb, and you have to work harder than ever," he says. "It can still be done -- you can't just bet on the new kid on the block."