Peter Ammon GRD ’05 SOM ’05, a director for the Yale Investments Office, has been named the University of Pennsylvania’s next chief investment officer, Penn announced Tuesday.

Ammon, who will assume his new position on July 1, has worked at Yale under Chief Investment Officer David Swensen since 2005. Swensen is widely credited for pioneering “the Yale model” for institutional investing, which emphasizes a diversified portfolio and increased investment in alternative asset classes. Penn has increased its allocations toward alternatives in recent years, according to the Daily Pennsylvanian.

At the Yale Investments Office, Ammons oversees all marketable asset classes. His areas of focus have included absolute return, timberland and asset allocation.

“Peter has an extraordinary track record and a sophisticated understanding of the opportunities and challenges confronting investors today,” said Penn Executive Vice President Craig Carnaroli in a statement.

Ammon will succeed Kristin Gilbertson, who stepped down from the CIO position in 2012. David Harkins, Penn’s managing director of public markets, has been serving as an interim CIO since Gilbertson’s departure.

Ammon is currently a senior faculty fellow at the Yale School of Management, where he co-teaches a class on endowment management. He previously worked at the Princeton University Investment Company.