The UT System Board of Regents is expected to sign off in May on the new name: the University of Texas/Texas A&M Investment Management Co. The company will continue to be known as UTIMCO for short.
UTIMCO directors took the action during a meeting at the company’s offices on the 28th floor of the Frost Bank Tower in downtown Austin. UT System Chancellor Bill McRaven was not present, having announced Wednesday that he was stepping down from UTIMCO’s board so that UT regents can name a representative of the A&M System; that will give A&M three UTIMCO seats to the UT System’s six, exactly proportional to the systems’ shares of the $18 billion Permanent University Fund endowment.
This story explains some of the political calculation behind the changes in the company’s name and the makeup of its board.