Jan 22 Hedge fund investor Mark Yusko, who once
headed the University of North Carolina's endowment fund, has
stepped down as investment chief of his $3.5 billion
joint-venture Endowment Fund, a source familiar with the matter
said on Tuesday.
The Endowment Fund, which was designed to replicate how
successful institutions like Yale University invest, was founded
by Morgan Creek Capital, the investment firm Yusko founded in
2004, and Salient Partners, a Houston-based investment firm.
Yusko told investors that a change was appropriate after
friction had surfaced over how to best manage the fund, the
The Endowment Fund began limiting how much money investors
could pull out late last year, after investors disappointed with
lackluster returns tried to redeem some of their money.
Morgan Creek has roughly $7 billion in assets.