(Bloomberg) -- Hedge fund manager Kyle Bass stepped down from the board of Texas's state university endowment after almost a decade.
Bass, the founder of Dallas-based hedge fund Hayman Capital Management, first joined the board in 2010 and was reappointed for a third and final three-year term in 2016, according to meeting documents.
During his tenure, assets at Austin-based Utimco almost doubled to more than $44 billion, the document showed. The University of Texas endowment has returned an annual average of 5.1% over 10 years.
“I leave this great institution with a sense of deep accomplishment in many areas,” Bass said in an email. “I am confident operations and investment results (versus benchmarks) will only improve going forward.”
Read about Bass's bet against the Hong Kong dollar
Bass, who had led the board's risk committee since 2014, made a fortune betting against U.S. subprime mortgages. He urged the fund in 2012 to stick with its $1 billion investment in gold bullion. Last year, the board decided to eliminate its allocation to gold as it seeks to boost holdings in global equities and private equity.
Bass, who left the board in May, also led its compensation committee. Last year, he helped Utimco create a set of guidelines compelling its external managers to divest from companies with ties to entities sanctioned by the U.S.
Janiece Longoria, a lawyer and the former chairman of Port Houston, has joined the board for a six-year term.
Utimco manages endowment assets for the University of Texas and Texas A&M University systems.
To contact the reporters on this story: Melissa Karsh in New York at mkarsh@bloomberg.net;Michael McDonald in Boston at mmcdonald10@bloomberg.net
To contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Vincent Bielski
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