Common Fund President Resigns
The president of the Common Fund, an investment pool that lost more than $138 million for 700 universities and colleges, resigned Friday.
David K. Storrs said in a statement that he has spent the six months since the losses were discovered trying to strengthen his fund’s protections against investment risk.
Storrs could not be reached for comment. A Common Fund spokesman declined to comment.
The Common Fund has blamed the losses on securities trader Kent Ahrens of First Capital Strategists of York, Pa., claiming he disregarded its instructions to hedge investments to reduce risk.
Robert Bovinette, 55, a former chairman of the fund’s board of trustees and current chief executive of Albuquerque Academy, was named to replace Storrs. Storrs is to remain as an adviser to Bovinette.