A great ride comes to
a smooth landing
Handy closing chapter as manager of U.Va.s
By Carol Wood
by Stephanie Gross
Alice Handys leadership, U.Va.s
endowment has grown from $60 million
to its current $1.8 billion.
Handy, the Universitys longtime treasurer and a former state
treasurer, is leaving the University after 29 years to pursue
personal business interests.
55, joined the University in 1974 as its first investment officer
in the midst of a stock market drop that had taken U.Va.s
endowment from more than $80 million to $60 million.
Handys leadership, the Universitys endowment now sits
at $1.8 billion, and consistently ranks among the five largest
endowments of public institutions and among the 25 largest of
all colleges and universities in the nation.
Handy came to this University as a young woman with enormous talent,
but no one would have guessed then the contributions she would
make. She dedicated her career and used her experience and expertise
to assure the financial stability of the University of Virginia.
Because of Alice, our endowment is now among the best in the country,
said U.Va. President
John T. Casteen III. We have been fortunate to have kept
Alice here for as long as we have, and we are grateful for her
dedicated service to the University.
also is president of UVIMCO,
an investment management company established in 1998 as a subcommittee
of the Universitys Board
of Visitors finance committee. As president, Handys
primary responsibility is management of the Universitys
addition to the Universitys $1.8 billion endowment, Handy
also oversees endowment assets from several University-related
foundations. These resources bring the total endowment and operating
funds for which she is responsible to $2.2 billion.
work at the University and as state treasurer brought her to national
prominence. In 1995 she was named to the board of directors of
First Union National Bank of Virginia, Maryland and the District
of Columbia and became the first woman to chair the Municipal
Securities Rulemaking Board, a high-profile agency that sets standards
and rules for entities that sell bonds to fund public projects.
She also is a board member of the Thomas Jefferson Foundation
(Monticello) and the Virginia Retirement System Investment Advisory
Committee. She recently retired from longtime service on the board
of the Investment Fund for Foundations.
Virginia Gov. Gerald L. Baliles tapped Handy to be state treasurer
in 1988, he noted her extensive experience in the field
of investment and debt management as a determining factor in her
appointment. Several years ago, in a newspaper profile of
Handy, Baliles remembered her as among the best and brightest
of his administration. She quickly impressed officials at
the state and national levels in banking and bond communities,
January 1990, Handy returned to the University and assumed her
responsibilities as treasurer. One of her first assignments was
to oversee the refinancing of the $150 million debt U.Va. issued
to build its then-new hospital facilities. In the process she
saved the University $20 million.
has considered going into business for herself from time to time.
I think we all hoped that day would never come, said Leonard
W. Sandridge, the Universitys executive
vice president and chief operating officer, who has been both
mentor and friend to Handy. Alice is recognized as an outstanding
professional, but just as importantly, she has been a constant
advocate for what is best for the University of Virginia. We will
miss her daily influence.
did not limit the scope of her work to investment activities.
Over the years she was actively involved in the founding of the
Historic Renovation Corporation and the University of Virginia
Real Estate Foundation, as well as the management of the Boars
Head Inn and the Colonnades.
said that Handy also built a very strong team. She will leave
the University in strong fiscal condition and well-positioned
for the future. He added that she has agreed to remain at the
University until a transition can be made to a new chief investment
is confident that part of her legacy will be seen in a staff
that is well-trained, bright and innovative. They are a talented
group that knows how to manage money well.
the past three decades, I have been privileged to be part of the
team that took a very modest endowment and grew it to be one of
the largest and best managed in the nation, Handy said.
The portfolio is in great shape and has weathered the stormy
markets of the past three years in good form.
has long considered her time at the University as a great
ride, and anticipates that her next venture will be equally
intends to remain active in the University community in many areas,
but especially as a parent. While her oldest son is an alumnus
of the University, her two younger daughters are currently enrolled