Joseph Steinberg to co-found outsourced CIO portfolio management firm

Thanks to Matt for passing this along.

John J. Regan, a senior investment officer for Cornell University’s Office of University Investments, is leaving June 30 to launch Permanens Capital Advisors, an outsourced CIO portfolio management firm that will be based in New York.

In a telephone interview, Mr. Regan said he and fellow Permanens co-founder Joseph S. Steinberg, president of Leucadia National Corp., would focus on providing investment services for endowments, foundations and family offices. Leucadia National is a diversified holding company involved in businesses such as real estate, oil and gas drilling, manufacturing and medical products.

Permanens starts operations on July 1, and it also will serve as the family office of Mr. Steinberg, who is chairman of the firm. Mr. Regan is chief investment officer of Permanens.