University of California, Berkeley Foundation has floated an investment management arm to manage $738 million of the varsity’s $2.3-billion endowment. Setting up of UC Berkeley Management Company is a move to a professional management structure, said the company in a statement. 

The management is independent of the University of California, Berkeley, and was set up with the backing of a $3 million contribution from the California-based Hewlett Foundation. 

John-Austin Saviano, former senior consultant at Cambridge Associates, is appointed as President and CIO of the management arm. The fund will be looked after by a five-member team led by Janet McKinley, former Director of Capital Research and Management. The management also plans to hire three additional professionals and support staff as the business grows.

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