Alice Handy, Who Oversaw Incredible Growth In University Endowment,
Leaves To Pursue Personal Business Interests
July 24, 2003--
Alice Handy, the University of Virginia's long-time treasurer
and a former state treasurer, will leave the University after 29
years to pursue personal business interests, University President
John T. Casteen III announced today.
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. Under Handy's
leadership, the University's 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," Casteen said. "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 University's
of Visitors' finance committee. As president, Handy's primary
responsibility is management of the University's endowment.
addition to the University's $1.8 billion endowment, Handy
also oversees endowment assets from several University-related
These resources bring the total endowment and operating
for which she is responsible to $2.2 billion.
work at the University and as state treasurer brought her to
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
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
and the Virginia Retirement System Investment Advisory
Committee. She recently retired from long-time service on the
of the Investment Fund for Foundations.
Virginia Gov. Gerald L. Baliles tapped Handy to be state treasurer
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," he said.
January 1990, Handy returned to the University and
assumed her responsibilities as treasurer. One of
her first assignments
to oversee the refinancing of the $150 million debt
U.Va. issued to build its then-new hospital facilities.
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
Leonard W. Sandridge, the University's 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 Boar's Head Inn and the Colonnades.
said that Handy also built a very strong team. She will leave
the University in strong
for the future. He added that she has agreed
to remain at the University until a transition
to a new chief
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 as
intends to remain active in the University community in many
areas, but especially as a parent.
alumnus of the
University, her two younger
daughters are currently enrolled as undergraduates.
Carol Wood, (434) 924-6189