New London — Connecticut College announced this week that DeFred "Fritz" Folts III, co-founder and managing partner at 3EDGE Asset Management in Boston, has been elected to serve as chair of the college's board of trustees.

The three-year term for Folts, a 1982 Connecticut College graduate, will begin July 1. He succeeds Pamela Zilly, who has been chair of the board since 2012.

Since that time, Connecticut College built the Zachs Hillel house, renovated the library and created the Walter Commons for Global Study and Engagement, according to the college.

Folts, who lives in Concord, Mass., was elected to the board in 2012. He currently chairs its Finance Committee.

"As Fritz assumes his role, we are preparing to launch the most ambitious fundraising campaign in our history," Connecticut College President Katherine Bergeron said in a news release. "Fritz is uniquely positioned to carry forward Pam's legacy while also bringing new passions to bear on his leadership of the board."

While studying government at Connecticut College, Folts played varsity lacrosse and was program director at the WCNI radio station. He went on to get his MBA at Instituto Estudios Superiores de la Empresa in Barcelona, Spain.