Berggren said in a letter that she had decided to retire for personal reasons. Her retirement is effective Tuesday, July 2.
"We are grateful to Marie Berggren for her years of dedicated service as chief investment officer and the many contributions she has made to the University of California," said UC President Mark G. Yudof. "The Board of Regents and I wish her a healthy and fulfilling retirement."
Associate Chief Investment Officer Melvin Stanton and Senior Managing Director-Fixed Income Randy Wedding will manage operations and oversee the investment portfolio, under the direction of UC Chief Financial Officer Peter Taylor. Stanton and Wedding both have decades of experience in investment management. The regents, at their July meeting, are expected to approve an acting CIO to serve while they conduct a national search for Berggren's replacement.
Berggren, whose career in the financial industry has spanned nearly 40 years, was appointed chief investment officer and vice president for investments on June 2, 2006. As chief investment officer, she oversaw an investment portfolio of approximately $80 billion, including retirement, endowment and cash assets.
Before joining the UC staff in 2002, she was executive vice president/department head of venture capital investments for Bank One Corp. While employed at Bank One and its predecessor organization, First Chicago Corp., she was the senior vice president and department head of the corporation's mergers and acquisitions activity. Previously, she was the managing director of public equities and director of research for First Chicago Investment Advisors (the predecessor to Brinson Partners).