The University of Pennsylvania has hired Peter Ammon to oversee investments in its endowment and pension plan, which have a combined $7.8 billion of assets.
Ammon, a director in Yale University’s investments office, will begin on July 1, Penn said yesterday in a statement.
Ammon currently works for Yale Chief Investment Officer David Swensen, who helped reinvent how colleges manage their assets by advocating buying harder-to-sell securities. Ammon joins a group of Swensen proteges who left Yale to run other sizable endowments, including Andrew Golden at Princeton University and Seth Alexander at the Massachusetts Institute of Technology.
“Peter is a remarkably talented investment manager with impressively wide and successful experience across asset classes,” Amy Gutmann, Penn’s president, said in the statement. She called him “the right person” to maximize the school’s long-term returns.
Ammon replaces Kristen Gilbertson, who stepped down last year after eight years running Penn’s investment office.
Philadelphia-based Penn, one of the eight Ivy League schools in the northeastern U.S., posted an investment gain of 1.6 percent in the year ended June 30, down from a 19 percent increase the year prior.
It has the 11th-largest university endowment with $6.8 billion of assets, according to the National Association of College and University Business Officers and Commonfund.
To contact the reporter on this story: Michael McDonald in Boston at firstname.lastname@example.org
To contact the editor responsible for this story: Lisa Wolfson at email@example.com