Word: sowood
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...closed-end funds and other foreign investments in which the University has held large stakes (see sidebar, “Super-Size Me,” p. 7). The international nature of these holdings has closely tied them to one of Harvard’s outside asset managers, Sowood Capital Management, and its principal, Jeffrey B. Larson...
Larson invested foreign equity for Harvard Management Company (HMC)—the firm that invests the University’s endowment, last reported at $22.6 billion—before he left with his HMC team to form Sowood. At both firms, Larson has been an active player in these disputes...
...Sowood General Counsel Megan Kelleher says that Harvard is the only investor for which her firm has filed shareholder proposals or sought changes in closed-end funds...
Larson, while still at HMC, was portfolio manager for Harvard’s investment in the fund and mulled taking action to seek new management and greater performance, Kelleher says. When he spun off his team from HMC in July 2004 to form Sowood, Larson took with him the management of Harvard’s stake in the fund...
Last spring, Sowood filed a statement with the Securities and Exchange Commission (SEC) on the University’s behalf, urging shareholders to support a Harvard proposal that the fund be liquidated and severed from Nomura Asset Management, its investment manager. Liquidating the fund would distribute its underlying investments to shareholders...