University Statements

Tommy Bruce, Vice President for University Communications, has issued the following statement about the departure of a member of Cornell's investment staff:

John J. Regan ("J.R."), a senior investment officer in the Office of University Investments, is leaving Cornell effective June 30 to co-found an outsourced CIO asset management firm.

Regan oversaw Cornell's hedge funds and private equity portfolio and was a member of the senior management team in the Investment Office.

President David Skorton said, "We are all very grateful to J.R. for his dedicated work while in Cornell's employ and deeply appreciate his many contributions to the growth of Cornell's endowment. We wish him every success in the new venture."

Regan is leaving Cornell to co-found Permanens Capital Advisors with Joseph S. Steinberg, President of Leucadia National Corporation. Regan will assume the role of CIO and managing partner for the firm, which will provide outsourced CIO portfolio management for endowments, foundations and family offices.

He is one of two senior investment officers in the Office of University Investments, together with David McNiff. A.J. Edwards was also a senior investment officer until his appointment as Interim CIO last month.

Regan's responsibilities will be taken up by other members of the investment office. Edwards and Cornell's team of professionals in the university's investment office will continue to work effectively with the board of trustees' Investment Committee to ensure that the university meets its investment targets.

As of April 30, Cornell's endowment had climbed by 19.3 percent, to $5.28 billion, since the start of fiscal 2011.