UC Board of Regents appoints new chief investment officer
By Daily Bruin
Jan. 23, 2014 5:09 p.m.
The University of California Board of Regents appointed an executive of a large Canadian investment management firm as the UC’s new chief investment officer Thursday.
Jagdeep Singh Bachher, 41, will replace former CIO Marie Berggren, who retired in July of last year. As chief investment officer he will manage more than $80 billion in assets, including the UC’s pension, endowment and investments, according to a UC statement.
Bachher comes to the UC from Alberta Investment Management Corporation, where he managed $70 billion in public sector pensions and other government funds in Canada. He holds a doctorate in management sciences and is chairman emeritus of the Institutional Investors Roundtable.
At the regents’ bimonthly board meeting Thursday, Regent George Kieffer said Bachher was chosen because of his solid reputation in the investment industry. He also said Bachher will earn significantly less money than he did at his previous position.
Bachher will receive standard benefits, an auto allowance, a first year incentive of about $137,000 dollars and a hiring bonus that he must repay if he leaves the University within four years. His base salary of $615,000 will not come from state contributions.
Bachher will officially begin his work at the UC on April 1.
Compiled by Alex Torpey, Bruin contributor.
