ANN ARBOR—The University of Michigan Regents today (Sept. 17) approved the appointment of L. Erik Lundberg to the newly created position of chief investment officer for the University.

Lundberg, whose appointment is effective Oct. 1, was chosen in a nationwide search, said Robert Kasdin, U-M executive vice president and chief financial officer, in recommending the appointment.

Lundberg comes to the University from Ameritech, where he has served in a variety of investment-related positions since 1988, first as an investment analyst and later as manager of U.S. and international equities. He currently is the manager of asset allocation, responsible for global asset allocation, asset/liability modeling, investment strategy evaluation and selection, and portfolio management.

He received his B.B.A. from the University of Wisconsin in 1984, his M.B.A. from Ohio State University in 1986, and his C.F.A. from the Institute of Chartered Financial Analysts in 1995.

Lundberg will report to Kasdin and will be responsible for developing investment policies for the University’s nearly $4 billion in financial assets, including making recommendations to the C.F.O. and to the Board of Regents regarding asset allocation and retention of investment advisers. The Regents are ultimately responsible for making these decisions based upon recommendations from the chief financial officer.

Kasdin said the new position was needed because of the “growing complexity and size of the University’s investment portfolios” and is part of the continuing evolution in the management of the University’s endowment, which has a current market value of $2.5 billion. Previously oversight of investment portfolios was among the responsibilities of the associate vice president and treasurer.

“Mr. Lundberg is a talented individual whose commitment, energy and enthusiasm will sustain and enhance our efforts to increase the growth of the University’s assets in order to provide the financial resources needed in the years ahead,” Kasdin said.