Investment Committee


UB’s Clinical and Translational Research Center, located on the university’s growing Downtown Campus, is just steps away from the new home of UB’s Jacobs School of Medicine and Biomedical Sciences.

The investment committee promotes long-term stability for the UB Foundation and the University at Buffalo by overseeing our investments, including establishing performance measures and reviewing goals.

Fiscal Year 2024



  • Gregg S. Fisher

Vice Chair

  • Daniel A. Sperrazza


  • Vacant


  • Jason L. Bird
  • Anthony B. Martino
  • James J. Palmisciano
  • D. Scott N. Warman

Special Committee Members

  • Geoffrey Gerber
  • Allen F. Grum
  • Arthur F. DuC. Musarra
  • Gaurav Patankar
  • Lorine Pendleton
  • Christian-Ioan Tiu
Purpose of the Investment Committee
The investment committee is a “Committee of the Corporation” that helps the boards of the University at Buffalo Foundation and Affiliates (UBF) discharge and perform their duties and responsibilities by working with corporate management and by acting on behalf of the boards regarding the management of investment affairs, as appropriate, including:

  • Understanding the risks in various investment strategies
  • Measuring and monitoring risks
  • Ensuring that the UB Foundation has been appropriately rewarded for these risks

All members shall have a basic understanding of investments and be able to read and understand various investment reports, and at least one member of the committee shall have investment and related investment management expertise.


The Investment Committee’s duties and responsibilities are to include the following and are further codified in the Investment Policy Statement:

  • Oversight of the long-term investment pool and, at least annually, report on same to the Board.
  • Establishment and maintenance of a written Investment Policy Statement, including an appropriate spending policy, asset allocation targets, and performance metrics.
  • Selection of investment consultants/advisors, custodians, investment managers, as well as other third-party providers.
  • Compliance with UBF’s conflict of interest policy.
  • Compliance with the provisions of all pertinent federal and state laws and regulations.
  • Review of this charge annually or as often as necessary and recommend changes, of any, to the boards and perform any other activities consistent with this charge that the boards seem appropriate.
  • Maintain an education program on investments for the benefit of the board, committee members and staff.
  • Comply w/terms of UBF’s contracts with advisors and managers.
  • Maintain the confidentiality of all information provided by the Foundation or its investment advisor to Investment Committee members.
Meeting Schedule

August, December, March, June.  Subcommittees meet on specific topics as needed.

Staff Support
Marlene Carr Marlene Carr
Investments and Real Estate Coordinator
Phone: (716) 645-8728
Kim Chase Kim Chase
Executive Assistant and Board Coordinator
Phone: (716) 645-8738
Michelle Maurer Michelle Maurer
Associate Director of Investments and Real Estate
Phone: (716) 645-8725
Stacy Knapper Stacy Knapper
Chief Executive Officer
Phone: (716) 645-3013
Arturo Gutierrrez Zatarain Arturo Gutierrez Zatarain
Director of Investments
Phone: (716) 645-8739