Thruston Morton

Durham, NC - Thruston Morton, who has been Duke University's chief investment officer since 2000, is retiring from the Duke Management Company (DUMAC) at the end of the year, Duke President Richard H. Brodhead and DUMAC board chairman Bruce Karsh announced Friday.

 Neal Triplett, an investment manager who has headed DUMAC's Hedged Strategies group for the past six years, will succeed Morton as president and chief executive officer in January 2007.

 "It has been a true privilege to work for Duke and the DUMAC Board," Morton said. "We accomplished a lot together over the past six years, most importantly building a top-notch investment and operations team and structuring a diversified, creative portfolio for Duke. The ship is in very good shape, and Neal is a highly talented individual who is going to make a great DUMAC president."

 DUMAC manages Duke's $7.5 billion of investments -- the endowment, the employees' defined benefit retirement plan, other long-term monies and operating cash. The university's endowment grew to approximately $4.5 billion during the fiscal year that ended June 30, 2006.

 Morton assumed leadership of DUMAC in September 2000 as a bear market in global equities began to unfold. As the chief investment officer he strengthened DUMAC's investment team and led its investment strategy over the subsequent six years. In fiscal 2006, DUMAC's investments earned a 20.2 percent return, placing Duke third among the 50 largest college and university endowments. Over the past 10 years, Duke's returns of 16.3 percent have ranked second in the nation in this group.

Neal Triplett

"In a very real sense, the exceptional skill of Thrus Morton and the investment team he has led over the past six years has made possible the new programs and growth of the university, by providing the financial foundation that underlies our strategic ambitions," Brodhead said. "DUMAC's performance has been nothing less than spectacular, and Duke is a far stronger institution today as a result. All of us join in thanking Thrus for his leadership and wish him well in his new pursuits.

 "I also am pleased that Neal Triplett has accepted the presidency of DUMAC," Brodhead said. "Neal has already won recognition as one of the top university investment intelligences of his generation, and will bring insight and experience to one of the university's most important leadership positions."

Karsh echoed Brodhead's high praise of Morton and Triplett. Karsh is the chair of DUMAC and a university trustee who is president of Oaktree Capital Management, LLC. "Thrus has been a shrewd investor and a terrific leader. He and his team have helped ensure that present and future generations of Duke faculty and students have the financial resources for research and education programs of the highest quality. They have been wise stewards of Duke's financial resources during challenging economic times, achieving impressive returns while avoiding inappropriate risk. We are in Thrus' debt.

 "At the same time, the entire DUMAC board feels we are fortunate that Neal Triplett, who has played such a critical role in DUMAC's success, will be the next DUMAC president," Karsh said.

 As a DUMAC investment manager, Triplett has managed Duke's hedge fund portfolio and participated in overall strategy development for Duke's $6 billion long-term pool and $1 billion employees' retirement plan. He also led the latest review of Duke's investment policy.

 Before joining DUMAC, Triplett served as banking officer for Wachovia Bank from 1993 to 1996, when he was promoted to assistant vice-president.

 Triplett received his bachelor of arts degree from Duke in 1993 and his MBA from Duke's Fuqua School of Business in 1999. He also was the recipient of the Fuqua Scholar Award.

 "I am excited to assume this new role with the DUMAC team and to begin working even more closely with President Brodhead and the rest of the senior leadership," Triplett said. "As a long-time Dukie, I know how important our work is not only to the future of the university but to society more broadly. As the new strategic plan emphasizes, the university seeks to make a difference in people's lives both on campus and in the wider world. It's our job at DUMAC to help provide the resources to make this possible."

Morton, who intends to start his own investment firm, came to Duke after a 22-year professional career at J.P. Morgan and Company, where he held positions of increasing responsibility globally. He was appointed a managing director of J.P. Morgan Investment Management in 1994 and headed Morgan's special clients/multi-manager group when he assumed the presidency of DUMAC.