Baylor University Names Chief Investment Officer

March 25, 2009

Kent E. Muckel, a seasoned investment professional with 18 years of progressively responsible experience, has been named Chief Investment Officer at Baylor University.

Muckel will join Baylor as CIO on May 1. He will work directly with the Baylor Executive Investment Committee, a group of investment professionals who are appointed by the Board of Regents and charged with the responsibility of oversight of the day-to-day practices and operations of the endowment by the Office of Investments.

"In Kent Muckel, Baylor University has found a seasoned investment professional who will help to ensure Baylor's continued financial strength," said Dr. David E. Garland, interim president and dean of George W. Truett Theological Seminary at Baylor. "Kent has experience managing a wide variety of assets with the goal of long term financial security and success. His skill in prudent and sound investment management will be a great asset to us as we navigate the current economic downturn and focus on the future growth of our endowment."

"Our current economic environment demands great diligence for all decisions concerning Baylor's endowment, and Kent's appointment was the product of a very thoughtful and comprehensive search," said R. Dary Stone, Baylor Regent and vice chairman of Cousins Properties Inc. of Dallas who participated in the search process.

"I am very excited to join Baylor because I believe it is a great fit both culturally and professionally," Muckel said. "I welcome the challenges of today's economic climate and I look forward to stewarding the portfolio to further the mission of the university."

Muckel will lead a staff of six and will report to Vice President for Finance and Administration Dr. Reagan Ramsower, who also is chair of the Baylor Executive Investment Committee. The Chief Investment Officer recommends investment strategies and investment managers for the university's endowment and other assets; advises administrative committees on investment policy; and ensures accountability of the investment managers for meeting Baylor's expected financial returns, adherence to guidelines, reporting and service provision.

"Kent is a talented and strategic investment manager with the right combination of skills, abilities and experience to maximize Baylor's investment returns and position Baylor to meet both the challenges and opportunities that lie ahead," Ramsower said.

Muckel earned the Chartered Financial Analyst designation from the Chartered Financial Analyst Institute. He holds a B.S. in Finance from the University of Colorado and an M.B.A. from Daniels College of Business at the University of Denver.

He is currently serving his alma mater as senior portfolio manager of the University of Colorado Foundation.

From 1999 to 2007, he was with Qwest Asset Management Co., the defined benefit and 401(k) plan for Qwest Communications International in Denver. At Qwest, he rose from manager of public equities to vice president for fixed income, and from 2006 to 2007, vice president and senior director for public markets, where he was accountable for approximately $10 billion in assets encompassing all public market investments such as global equities, fixed income and marketable alternative strategies.

He also has experience as a senior asset and liability analytics officer with CoBank, part of the nationwide Farm Credit System; as senior investment analyst with First Data Corp., a Fortune 500 company providing e-commerce services to businesses and consumers; and investment analyst and assistant portfolio manager with the Denver Employees Retirement Plan, the pension system for employees of the city and county of Denver.

Muckel and his wife Alison have a 7-year-old daughter, Taylor, and a 6-year-old son, Kyle.

Muckel's selection follows a national search to fill the position after Jonathan Hook left Baylor in July 2008 to become vice president and chief investment officer of The Ohio State University.

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