Thruston Morton, president and chief executive officer of the Duke Management Company, will retire at the end of 2006, officials announced Thursday.
"It has been a true privilege to work for Duke and the DUMAC Board," Morton said in a statement. "We accomplished a lot together over the past six years, most importantly building a top-notch investment and operations team and structuring a diversified, creative portfolio for Duke."
Neal Triplett, Trinity '93 and Fuqua '99, will succeed Morton in January 2007.
Triplett, an investment manager who has headed DUMAC's Hedged Strategies group, has also participated in overall investment-strategy development for the past six years.
"The ship is in very good shape, and Neal is a highly talented individual who is going to make a great DUMAC president," said Morton, who intends to start his own investment firm.
Triplett said he looks forward to assuming his new role at DUMAC.
"As a long-time Dukie, I know how important our work is not only to the future of the University but to society," he said. "The University seeks to make a difference in people's lives both on campus and in the wider world. It's our job at DUMAC to provide the resources to make this possible."
DUMAC is responsible for managing the University's $7.5 billion in long-term investments, including the endowment and the employees' defined benefit retirement plan.
"The exceptional skill of Thrus Morton and the investment team he has led over the past six years has made possible the new programs and growth of the University, by providing the financial foundation that underlies our strategic ambitions," President Richard Brodhead said in a statement.
During the past 10 years, the 16.3 percent rate of return on DUMAC's investments placed Duke second behind Yale University among the nation's 50 largest colleges and universities.
A 20.2 percent rate of return in the 2006 fiscal year placed the University third behind the Massachusetts Institute of Technology and Yale.
Brodhead also expressed confidence in DUMAC's new president and chief executive officer.
"Neal has already won recognition as one of the top university investment intelligences of his generation and will bring insight and experience to one of the University's most important leadership positions," Brodhead said.
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