People Moves

Spider Management CIO to step down

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Srinvas Pulavarti, who joined Spider Management Company in 2005, is understood to be stepping down as chief investment officer.

During Pulavati’s tenure, the endowment at the University of Richmond, which is overseen by Spider Management Company, has grown from $1.2 billion to $1.9 billion and has a sizable allocation to hedge funds totalling 63% of assets. A search is understood to be underway for Pulavarti’s replacement and he will stay on during a transition period.

A story published by the student newspaper in 2010 illustrated how Pulavarti was the highest paid staffer on campus with a salary rivalling