# University of Michigan Health-Sparrow

University of Michigan Health-Sparrow is a Pension Fund based in Lansing, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Lansing, United States
- **Region:** North America
- **Address:** 1215 E. Michigan Ave, Lansing, MI, United States
- **Assets under management:** $500M - $1B (Altss estimate)
- **Website:** uofmhealthsparrow.org
- **LinkedIn:** https://www.linkedin.com/company/university-of-michigan-health-sparrow

## Regulatory record

- **Reports private funds:** No

## About

University of Michigan Health-Sparrow, originally Sparrow Health System, traces its roots to Lansing's first hospital established in 1896. The health system grew to become mid-Michigan's dominant provider, operating six community hospitals and numerous outpatient facilities, while the Master Trust developed as the organization's primary vehicle for funding employee retirement benefits. In April 2023, Sparrow Health System joined University of Michigan Health, with Margaret Dimond assuming the role of Regional President and Ann Marie Creed leading the Lansing campus. The Master Trust employs a fund-of-funds strategy to manage its estimated $689 million in pension assets (Altss estimate). The portfolio is designed to meet long-term pension obligations for a diverse workforce spanning hospital staff, clinic employees, and affiliated service providers across six acute-care facilities and multiple ambulatory surgery centers. Geographic focus remains concentrated in mid-Michigan, where the health system anchors the Lansing economy. As of 2025, the organization maintains a complex operating footprint beyond its investment portfolio. Assets include the flagship University of Michigan Health-Sparrow Lansing hospital, four regional hospitals in Carson City, St. Johns, Charlotte, and Ionia, the Michigan Athletic Club, a new behavioral health hospital under development, and the Herbert-Herman Cancer Center. The U of M Health-Sparrow Foundation manages philanthropic interests. The system also holds a stake in Physicians Health Plan (PHP), a regional health insurer in which Covenant HealthCare retains a 10% minority interest. Structurally, the Master Trust differs from standalone pension systems by operating within an integrated healthcare enterprise where the parent organization is the sole corporate member. The University of Michigan Health affiliation, finalized in April 2023, altered governance without dissolving existing pension obligations. The trust's investment committee, operating under the health system's board, manages assets separately from U-M's main endowment — creating a distinct fiduciary entity that answers to retirees in mid-Michigan rather than to the broader University of Michigan investment apparatus in Ann Arbor.

## Sectors

- Healthcare Services
- Real Estate

## Offices

- Carson City, MI
- St. Johns, MI
- Charlotte, MI
- Ionia, MI

## People

- Ann Marie Creed — President of University of Michigan Health-Sparrow Lansing
- Margaret Dimond — Regional President, U-M Health

## Questions

### Who oversees investment decisions for the Sparrow Health System Master Trust?

Investment decisions are made under the governance of University of Michigan Health-Sparrow's board and investment committee, with Ann Marie Creed serving as president of the Lansing campus. The specific CIO or investment committee chair is not publicly disclosed. The trust operates under the sole corporate membership of University of Michigan Health since the April 2023 affiliation.

### How is the Master Trust structured relative to University of Michigan's main endowment?

The Master Trust is a separate fiduciary entity from the University of Michigan endowment. It exists specifically to fund retirement obligations for Sparrow Health System employees and is governed by the health system's board with its own investment policy. The U-M affiliation did not merge the trust into the university's investment office.

### How does the University of Michigan Health affiliation affect pension beneficiaries?

The April 2023 affiliation did not alter existing pension obligations. Plan participants remain covered under the same Master Trust structure that predates the U-M integration. The affiliation changed corporate governance and branding but preserved the pension plan as a distinct entity serving Sparrow's legacy workforce.

### What is the relationship between the Master Trust and Physicians Health Plan?

Sparrow Health System holds a majority interest in Physicians Health Plan (PHP), a regional health insurer, with Covenant HealthCare retaining a 10% minority stake. The Master Trust is separate from PHP — the trust manages pension assets for healthcare workers, while PHP operates as a commercial insurance entity under the health system's corporate structure.

### Where do the Master Trust's assets originate?

Assets represent accumulated pension contributions and investment returns for employees of Sparrow Health System's hospitals, clinics, and affiliated entities across mid-Michigan. The system employs thousands across six acute-care facilities and multiple outpatient centers, making it one of the largest private employers in the Lansing region.

## Related profiles

- [Sherman Fairchild Foundation](https://altss.com/profile/sherman-fairchild-foundation)
- [New York Power Authority OPEB Trust](https://altss.com/profile/new-york-power-authority-other-post-employment-benefits-trust)

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/university-of-michigan-health-sparrow

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology