The University of Alabama System Board of Trustees met last Wednesday and Thursday, approving funding for new construction projects, appointing a new chancellor and approving new degree programs at the University of Alabama.
One of the most significant items up for approval was the appointment of Sid J. Trant as chancellor of the University of Alabama System.
The board also approved moving forward eight construction projects planned for the University campus. Projects such as the EV bus and charging infrastructure plan and a student well-being hub were advanced to Stage IV, a player training and development facility at Coleman Coliseum advanced to Stage III, and the reserve officers’ training corps facility and student veterans center entered Stage II.
A new master’s degree in biomedical engineering, under the College of Engineering, was approved as well as two new concentrations in orchestral conducting and data science.
“Our particular degree will focus on biomaterials, tissue engineering, stem cell engineering and biomechanics,” said Jim Dalton, University executive vice president and provost. “As you know, biomedical engineering is quite a diverse field with a variety of different subspecialties, and our program is designed to help students develop skills and expertise in these topics.”
Dalton said he expects the program to better prepare the University’s students for the evolving intersection of medicine and engineering, particularly with the pharmaceutical industry and research.
As of Nov. 30, 2024, the UA System’s assets had grown to $6.7 billion, a 10.5% increase from the previous year. However, the system’s portfolio was significantly beneath goals for diversification into private equity, requiring a downsizing of investments in public equity. As a result, the board voted to terminate its position in Southeastern Asset Management, the longtime investment partner of the system.
“They’ve been a great partner,” said Nolan Bean, the head of portfolio management. “The system has invested with them since 2002, so it’s been a 20-year relationship, but as we think about the portfolio construction, we think it’s time to redeploy that capital.”
To reinvest, Bean recommended that the board commit up to $20 million to the Singerman Opportunity Fund to focus on real estate debt and equity investments and another potential $60 million to be invested via the Socorro Dynamic Opportunity Fund, an equity hedge fund. The primary goal of these reinvestments is to diversify the system’s investments and further reduce risk.
The Board also approved a $4.8 million loan to the Sigma Tau Gamma fraternity to renovate its chapter house at 521 Jefferson Avenue. Sigma Tau Gamma will raise an additional $480,000 from its chapter reserves.
The loan start date will be on Aug. 1 and will accrue 5% interest annually.
