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...Board will meet tomorrow, and El-Erian expects them to discuss the first steps of the transition, according to his e-mail to his colleagues...
Benjamin J. Heller ’94, a managing director at the hedge fund HBK Investments who has known El-Erian professionally for a decade, said yesterday that El-Erian’s legacy would be his rebuilding of HMC’s internal management team in the wake of Meyer’s departure...
Despite strong returns under El-Erian, HMC was not completely immune to this summer’s financial crisis—the endowment lost $350 million in July when Sowood Capital Management, a hedge fund founded by former HMC manager Jeffrey B. Larson, collapsed. But overall, HMC made gains of 0.4 percent that month...
University President Drew G. Faust said in a statement that El-Erian has been “skillful” and “effective” at the post...
Before taking the reins of HMC, El-Erian had been a managing director at PIMCO, where he was widely expected to succeed William S. Thompson, Jr. as CEO. His position upon his return will be co-Chief Executive Officer and co-Chief Information Officer, seemingly solidifying his status as heir-apparent. In a statement released yesterday, both Thompson and PIMCO CIO William H. Gross said they have no plans to step down. [SEE CORRECTION BELOW...