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Commonfund Appoints Three New Board Members
Board of Trustees taps University of Texas Investment Management Company CEO, Former J.P. Morgan Investment Management and Goldman Sachs Executives to enhance the firm’s leadership and finance expertise

WILTON, CT, January 11, 2010 – Commonfund, the leading manager of investment funds for nonprofit institutions, today announced the appointment of Bruce Zimmerman, Chief Executive Officer and Chief Investment Officer, The University of Texas Investment Management Company, Keith (Kim) M. Schappert, President, Schappert Consulting LLC, and Robert B. Litterman, former Managing Director and Head of Quantitative Resources, Goldman Sachs Asset Management, to its Board of Trustees. They will begin serving this month and with these appointments the Commonfund Board of Trustees now has a total of 13 members.

“We are extremely pleased to add Mr. Zimmerman, Mr. Schappert and Mr. Litterman to our Board of Trustees, and their collective abilities will only further solidify our leadership position,” said Verne O. Sedlacek, President and Chief Executive Officer, Commonfund. “Their significant financial expertise and experience will enable us to serve our clients better in this challenging economic environment.”

Mr. Zimmerman is CEO and Chief Investment Officer, The University of Texas Investment Management Company (UTIMCO). UTIMCO, investing approximately $20 billion, is one of the nation’s largest endowments. Prior to joining UTIMCO, Mr. Zimmerman was CIO and Global Head of Pension Investments at Citigroup. Previously at Citigroup, Bruce had been Chief Financial Officer and Chief Administrative Officer for Citigroup Alternative Investments, which invested over $90 billion in proprietary and client capital across a range of hedge fund, private equity, private real estate equity and structured credit vehicles.

Before joining Citigroup, Mr. Zimmerman spent approximately thirteen years at Texas Commerce Bank/JPMorgan Chase in a variety of capacities including Merger and Acquisition Investment Banking, Internet and ATM Retail Management, Consumer Marketing and Financial Planning, Strategy and Corporate Development. Prior to that, he was a Manager at Bain & Company in the Boston office.

Mr. Zimmerman graduated Magna Cum Laude with a Degree of Distinction from Duke University and received a MBA from Harvard Business School where he graduated with First and Second Year Honors.

Mr. Schappert has spent over 36 years in the investment management industry, many in a senior capacity. Currently he is the President of Schappert Consulting, LLC, a firm focused on the business of investment management. Most recently, Mr. Schappert was associated with OneCapital Partners, a hedge fund of funds, as Vice Chairman and a member of its Executive Advisory Committee. Earlier he was Executive Vice Chairman and Regional Head of Americas Asset Management for Credit Suisse where he worked on strategic planning issues.

From the beginning of 2002 until March of 2006, Mr. Schappert was the President and CEO of the Federated Investment Advisory Companies, a firm with over $200 billion in assets under management and located in Pittsburgh, Pa. Much of Mr. Schappert’s career was spent at JP Morgan in a number of different capacities. After joining the firm upon graduation from college, he started on the trading desk in 1973, and then managed fixed income portfolios for institutional clients before being named the head of fixed income in 1981. He was promoted to Vice Chairman of the investment group in 1990 with responsibility for Global Fixed Income, Sales and Marketing, Administration and alternative investments Real Estate and Oil and Gas. He then became the President and CEO of JP Morgan Investment Management in 1994 and a member of JP Morgan’s senior management. He continued to head the asset management business until JP Morgan was sold to Chase and he retired after 29 years with the firm.

Mr. Schappert graduated from Harvard College Cum Laude General Studies in 1973 with an AB in Government. He is a trustee and the former head of the endowment fund at Berkshire School. He is a board member of Soleil Securities, a director of Trilogy Global Advisors and a director of the MetLife Series Trust.

Mr. Litterman spent most of his career at Goldman Sachs in investment, risk management and thought leadership roles. He was Managing Director and Head of Quantitative Resources, Goldman Sachs Asset Management (GSAM). He oversaw Quantitative Investment Strategies, a portfolio management business formerly known as the Quantitative Equities and Quantitative Strategies groups, and Global Investment Strategies, an institutional investment research group. Mr. Litterman also served as the Co-CIO to one of GSAM’s largest clients, the Central States Teamsters Pension Fund. The Teamsters had approximately $10 billion in assets under management across a full range of traditional asset classes run by external money managers. Mr. Litterman is also one of three external advisors to Singapore’s Government Investment Corporation (GIC).

Previously, Mr. Litterman was Partner and Head of Firm-wide Risk, and helped reorganize the function so that it now reports through an independent, corporate risk management organization. He is credited with envisioning and leading the creation of the firm’s first enterprise-wide, integrated risk management function. He was responsible for monitoring risks across all asset classes within GSAM, including equities, fixed income, currencies, commodities, and derivatives. Mr. Litterman was named a partner of Goldman Sachs in 1994. Prior to that, he was Vice President, Fixed Income Research Department and was named Co-Head of the Research and Model Development Group with Fischer Black. During his tenure at Goldman, Mr. Litterman researched and published a number of groundbreaking papers in asset allocation and risk management. He is the co-developer of the Black-Litterman Global Asset Allocation Model, a key tool in the investment management division, and has co-authored books including The Practice of Risk Management and Modern Investment Management: An Equilibrium Approach (Wiley & Co.).

Before that, Mr. Litterman was Assistant Vice President, Research Department, Federal Reserve Bank of Minneapolis, and Assistant Professor, Department of Economics, Massachusetts Institute of Technology. He earned a Ph.D., Economics from the University of Minnesota and a B.S., Human Biology from Stanford University.

Mr. Litterman has also received a number of awards throughout his career, including induction into Risk Magazine's Risk Hall of Fame (2005), and the Jacobs Levy prize for the best article published in the Journal of Portfolio Management (2005). In 2008, the CFA Institute named Bob as the recipient of the

Nicholas Molodovsky Award to higher standards of accomplishment. This award is presented periodically to individuals "who have made outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment." Bob was also named the Financial Engineer of the Year in 2008 by the International Association of Financial Engineers.

Commonfund is governed by a Board of Trustees representing diverse professional backgrounds from both the nonprofit and for-profit sectors. Laurance (Laurie) R. Hoagland, Jr. has become the Chair of the Board replacing Myra R. Drucker who is retired from the Board at the end of her 12-year term limit.

Laurie has been on the Commonfund Board for nine years. Laurie is Vice President and Chief Investment Officer, William and Flora Hewlett Foundation. Other members include William N. Goetzmann, Vice Chair, and the Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management; Leslie E. Bains, Managing Director, Citi Private Bank; David M. Barrett, M.D., President and Chief Executive Officer, Lahey Clinic; Bradford K. Gallagher, Founder and President, Spyglass Investments LLC; Fredrick L.A. Grauer, Ph.D., and Senior Advisor and Former Chairman and Chief Executive Officer, Barclays Global Investors; Elizabeth Huidekoper, Executive Vice President for Finance and Administration, Brown University; Charles J. Pippin, Senior Vice President and Chief Investment Officer, Pepperdine University; Verne O. Sedlacek, President and Chief Executive Officer, Commonfund; and Dr. William E. Trueheart, Former President and Chief Executive Officer, The Pittsburgh Foundation.


About Commonfund

Founded in 1971, Commonfund is devoted to enhancing the financial resources of educational and other nonprofit institutions including endowments, foundations, healthcare and service organizations through superior fund management, investment advice, and treasury operations. Directly or through its subsidiaries, Commonfund Capital, Commonfund Realty, and Commonfund Asset Management Company, Commonfund manages approximately $25.5 billion for approximately 1,580 nonprofit educational institutions, foundations, healthcare and other nonprofit institutions, representing one of the largest pools of educational endowment and operating funds in the world. In response to the growing needs of institutions, Commonfund, together with its subsidiary companion organizations, offers more than 30 different endowment investment programs. Commonfund also offers pension fund management through its alternative investment programs. All securities are distributed through Commonfund Securities, Inc.