Hedge Funds People moves

Maryland director of investments to join Metropolitan Museum of Art

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Vanessa Melendez spent nearly seven years overseeing the University of Maryland’s hedge fund portfolio.

Vanessa Melendez, the director of investments at the University System of Maryland, will be leaving the $817 million endowment to join the $2.1 billion endowment of New York’s Metropolitan Museum of Art.

She will start in her new role of senior investment officer on July 1 and report to chief investment officer Suzanne Brenner. Melendez declined to comment.

The Met managed $2.9 billion in late 2008, of which approximately 20% was in hedge funds and absolute return strategies. As a result of the crisis, the endowment lost $800 million, leading the Met to reduce staff by 14% in 2009. The