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Investment battle in California – High risk unacceptable to regents

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The treasurer of the University of California system is expected to resign August 7 after a reported disagreement with system regents over investment strategies, the San Francisco Chronicle reported August 5.

Patricia Small has been the system’s treasurer since 1996, and has had near autonomy in managing the university’s $52.9 billion investment portfolio until recently.

The endowment and pension funds grew an explosive 21 percent during her tenure. In 1998, however, some regents became worried that Small was focusing too much on potentially unstable high-growth stocks.

When asked to consider changes, Small balked, sources told the Chronicle.

Small plans to resign Monday morning during a special regents’ phone meeting, said University of California spokesman Michael Reese. The regents are expected to accept her resignation but keep her on as a consultant.

For full story, go to the San Francisco Chronicle.

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