Credit Suisse Group AG, Switzerland's largest bank by market value, said it had hired David Russ, the chief investment officer of Dartmouth College. The announcement came two weeks after the school's credit rating was cut because of budget deficits and borrowing.
Russ is to be chief investment strategist of the bank's new investment strategies and solutions group within its asset management unit, Zurich-based Credit Suisse said in a statement Tuesday.
He had led the endowment at Dartmouth, the smallest school in the Ivy League, since 2005.
Dartmouth, whose endowment was valued at $3.7 billion as of June 30, probably lost about 23% from that point through the end of March, Moody's Investors Service said on May 27. The Hanover, N.H., school cut spending and fired employees in response to budget gaps, and it plans to sell $415 million of bonds to finance construction and boost cash reserves.
In the past two weeks, Moody's and Standard & Poor's cut their long-term ratings on the school's debt.