Manager of $55-Billion Portfolio Hired

David H. Russ, who has helped oversee phenomenal growth in investments at the University of Texas, was hired by the UC Board of Regents on Tuesday as treasurer in charge of the university’s $55-billion portfolio.

Russ, 47, replaces Patricia A. Small, who resigned under pressure last fall after outside consultants criticized her investment strategy as too heavily concentrated in too few stocks.

The regents, meeting Tuesday via telephone conference call, hired Russ effective June 1 at an annual salary of $275,000.

Joseph P. Mullinix, UC’s senior vice president for business and finance, lauded Russ’ “distinguished expertise in portfolio management,” saying that UC’s pension system for its 136,000 current and retired employees and its endowment will be in capable hands.

Russ has spent the last four years at the University of Texas Investment Management Co., responsible for all of its publicly traded investments. During the last three years, the investments have grown by $5 billion from a base of $10 billion, a UC spokesman said.

Before his job in Texas, Russ worked as an investment manager for Pacific Telesis Group, now called SBC Communications, and previously for a company overseeing all of Stanford University’s investments.

Russ holds a degree in genetics from UC Berkeley and an MBA from UC Davis.