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 2022



  • Gregg S. Fisher

Vice Chair

  • Daniel A. Sperrazza


  • Vacant


  • Jason L. Bird
  • Anthony B. Martino
  • Thomas S. Quealy, Jr.
  • Justin Reich
  • D. Scott N. Warman

Special Committee Members

  • Geoffrey Gerber
  • Allen F. Grum
  • Arthur F. DuC. Musarra
  • James J. Palmisciano
  • Vera Richman
  • 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:
  • Be responsible for the oversight of the investments of the UB Foundation and report on same to the boards
  • Determine investment guidelines, performance measurements, goals and objectives
  • Establish written statement of investment policy, including an appropriate spending policy, consistent with the goals and objectives
  • Choose an appropriate asset allocation strategy
  • Evaluate and select appropriate investment consultants, money managers, custodians, mutual and commingled funds, partnerships or other vendors to implement the investment policy
  • Monitor and evaluate the activities of the overall investment program for compliance with written statement of investment policy and with guidelines, performance measurements, goals and objectives
  • Comply with the UB Foundation’s conflict of interest policy, and related expectations which would include not hiring any committee members or their firms to provide any investment services to the UB Foundation
  • Comply with the provisions of all pertinent federal and state laws and regulations
  • Review this charge annually or as often as necessary and recommend changes, if any, to the boards and perform any other activities consistent with this charge that the boards deem appropriate
  • Maintain an education program on investments for the benefit of the board, committee members and staff
Meeting Schedule

September, 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
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