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CITIC is an elite concern formed in 1979 on the personal order of Deng Xiaoping. He proposed a kind of Western investment banking firm to get around the ponderous Peking bureaucracy and speed China's economic development. Led by Rong, 70, a silver-haired millionaire, the organization has helped foreign companies invest in everything from beer production to coal mining and has raised hundreds of millions of dollars overseas. "CITIC is a breath of fresh air," says Virginia Kamsky, president of Kamsky Associates, a trade consultant with offices in New York and Peking. "The people there ask the right kinds...
...successor will have a number of options for the direction to take Harvard’s endowment. One possibility, he says, is that the new CEO could choose to maintain internal management for some assets, but increase the use of outside managers, changing the mix from 50 percent invested externally to, say, 65 percent. Another potential choice facing the CEO is for Harvard to invest securities through hedge funds via external managers but focus its in-house efforts on asset classes like timber...
...Harvard, the chief disadvantage to external management could be decreased performance, because some top-tier external managers only permit each investor to invest a few million dollars. This means that Harvard would have to work with scores of different investors to manage its billions...
Many at Harvard are more focused on these ambitious plans, but their success may hinge on the selection of a new management company leader—and the structure within which it will invest the University’s endowment...
...Within days of the Crimson report, hundreds of students and faculty members had signed an online petition at HarvardDivest.com urging University President Lawrence H. Summers “to publicly state that Harvard will not invest in any corporation that conducts business with the Sudanese government for as long as Sudan is in violation of international norms of human rights...