Word: hmc
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...Erian came to HMC in February 2006 after a protracted search of over 10 months...
Mohamed A. El-Erian, president and chief executive officer of Harvard Management Company (HMC), will resign at the end of 2007 to take a job with his former company, California-based Pacific Investment Management Company...
...Erian said that he has worked to rebuild the internal portfolio management team so that it now covers five distinct areas. HMC has hired managers from the industry to head these teams, restructured its group of external managers, and improved its risk-analysis capability, El-Erian said. El-Erian said that the changes he has enacted appear to have been effective in establishing stability for the largest university endowment in the world...
...transition is complete." Distributions from the endowment to the University's operating budget hit a record-setting $1 billion in the 2007 fiscal year, according to a University press release. Last month, the University lost $350 million when Sowood Capital, a hedge fund started in 2004 by former HMC manager Jeffrey B. Larson, reported huge losses. Harvard had initially invested at least $500 million with the fund, but the most recent figures do not factor in some of the downfalls...
...addition to improving risk strategies to counter market uncertainties, HMC will launch a Web site next month and publish an annual report beginning next year, unprecedented moves for the historically secretive group. Given continued worries in the credit market, El-Erian warned in his annual letter to Harvard affiliates that the high returns from the past year should be viewed as including some "windfall gain" as opposed to indicating a future trend of equal performance. "It's one thing to have a good year, but it's also important to build the foundation for continued long-term institutional excellence...