The University of Texas Investment Management Company, which manages $21-billion in endowments and operating funds for the University of Texas and Texas A&M University systems, has chosen a new president, officials announced on Wednesday.

The new president, Bruce E. Zimmerman, will succeed Bob L. Boldt, who resigned last September to work in the private sector. Mr. Zimmerman will serve as president, chief executive officer, and chief investment officer of the company, known as Utimco, beginning on July 1. He comes to Utimco from Citigroup, where he served most recently as chief investment officer and global head of pension investments. —Erin Strout