The University of California’s investment office has lost its second employee in less than three weeks.
Tom Fischer — an investment officer on the real estate team since 2014 — resigned Monday, he confirmed to Institutional Investor by phone. Fischer said Friday will be his last day at the $100 billion fund.
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. Fischer’s new role focuses on acquisitions and asset management for the Northern and Southern California portfolios, he said.
His departure follows the resignation of public equities chief Scott Chan last month. Chan is leaving the university to become deputy chief investment officer of the California State Teachers’ Retirement System in August, the pension fund announced June 21.
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Fischer predicted more exits to come when asked for comment.
“Yes, there has been a high number of departures, and I expect there will be more,” he said by phone. “I think the proof is in the pudding, and the factual aspect is that there are a lot of people who are leaving.”
The organization’s media relations team did not respond to a request for comment on the departures by time of publication.
“My stint here at UC, working for a plan sponsor, has really been my only time outside of the real estate operator role,” Fischer said. “I am excited for the move.”