Word: sowood
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...talent, and now we're back to an equilibrium. The 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...
Larson’s fund, Sowood Capital Management, received an initial investment of $500 million from the University when he left in 2004. On Monday, Sowood sent letters to its investors explaining that the $3 billion fund suffered losses of more than 50 percent and had to sell off its assets to the Citadel Investment Group...
...statement released Monday by Citadel, President and CEO Kenneth C. Griffin ’89 said that his firm’s acquisition of Sowood underscores its strength even in times when other funds are also suffering from the poor credit market...
Neil Daniele, secretary of Korea Equity Fund, declined to comment on the results of the dispute and Harvard’s sale of its shares. Harvard and Sowood do not discuss specific investment transactions, and Jack R. Meyer, the departing president of HMC, declined to comment on the University’s investment activism, citing his nearing departure. Meyer is scheduled to leave to start his own firm after Sept...
...another legal investment dispute, Harvard has struggled with Russian oil company Surgutneftegaz (Surgut), which it alleges has underpaid its dividends to American shareholders. The investment has been managed by Larson, first at HMC and now at Sowood...