Cornell University has named Michael Abbott chief investment officer (CIO) to oversee its $4.4 billion endowment, replacing James Walsh, who resigned in June.

Abbott, who was chief executive officer (CEO) and head of the investment committee at Robeco-Sage, starts his new post at the Office of University Investments today, Nov. 1.

"Michael's experience as CEO of a fund whose clientele included educational institutions makes him particularly qualified to understand Cornell's investment needs and concerns," said President David Skorton. "That background, and his proven abilities as a leader, position him well to head the Office of University Investments."

"The breadth and quality of Michael's investment experience, as well as his very strong management skills, make him an excellent choice as the new CIO," said Paul Gould '67, chair of the Cornell University Board of Trustee's Investment Committee.

Cornell's investments were valued at $4.4 billion as of June 30.

A London native, Abbott holds a Bachelor of Laws degree from Kings College, London. At Robeco-Sage, a fund-of-hedge-funds group, Abbott managed more than $2 billion of multi-strategy and strategy specific fund-of-hedge-fund portfolios from 2006 to the present. He previously was a founding partner and chief operations officer of Elysium Capital Group, a macro discretionary hedge fund specializing in foreign exchange, 2002-06.

He has also held a variety of leadership positions on the "sell side," with Goldman Sachs 1996-2002 in the firm's convertibles and structured products group, and with Swiss Bank Corp. 1990-1996 developing business in equity and equity-linked capital markets, and syndicate and corporate derivatives. He began his career as a member of London's metropolitan police force. He is also an expert marksman, having been Great Britain's National Police Rifle Champion in 1985.

"I am absolutely excited beyond anything that I've ever done in my career about this opportunity and how I can continue to build this wonderful endowment," Abbott said.

Over the past three fiscal years, Cornell earned an average annual return of -5.1 percent; over the past five fiscal years, it generated an average annual return of 4.6 percent. Those returns beat the 75 percent/25 percent equity/bonds benchmark during both time periods, the Office of University Investments said.