Institutional Investors People Moves

Wesleyan sues outgoing CIO

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Wesleyan University's investment office has taken on criticism for not disclosing the investments in its portfolio, and, in recent months, Thomas Kannam, vice-president and chief investment officer, left to pursue other opportunities.

The $400 million endowment is understood to have taken a huge hit last year. Kannam's departure was followed by a lawsuit alleging breach of fiduciary duty, civil theft, breach of contract, fraud and unjust enrichment.

Filed in late November in Middletown Superior Court in Connecticut, the lawsuit claims that Kannam improperly exploited his privileged access to Wesleyan's financial information for his own benefit and used the