The Office of University Investments will move from its current location in Ithaca to New York City by late 2017.

The Cornell University Board of Trustees’ Investment Committee recommended the move at its Sept. 7 meeting, and Interim President Hunter Rawlings approved the decision a week later, said Joanne DeStefano, Cornell’s executive vice president and chief financial officer.

“The Investment Committee believes over the long term the relocation to New York City gives us even better access to potential staff who might not be willing to move to Ithaca,” DeStefano said. “We’ve had great staff hires, but this move will expand the population of potential candidates. And it puts us closer to the world capital markets.”

The administration has just started the transition process and is looking for office space and determining who among the 20 staff will relocate to New York City, she said.

Kenneth Miranda, the university’s chief investment officer who came on board this summer, said: “The move is clearly in the long-term interest of Cornell and will enhance the office’s ability to serve the university. The full merits will take time to achieve, but the decision is extremely supportive of the goals of the office and university.”

The office manages Cornell’s $6.1 billion investment portfolio and implements policies established by the board and the Investment Committee. It is overseen jointly by DeStefano and trustee Donald Opatrny ’74, chair of the Investment Committee.

The administration anticipates any increased costs associated with the relocation, including rent and salaries, will be offset by the greater returns from the endowment, DeStefano said.

“The cost of the office versus a 10 basis-point increase in our endowment return more than covers it,” she said.