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These managers, often former investors at HMC, operate independent funds endowed with Harvard money. Jeff Larson, a top investor at the management company, will become the fifth fund manager in six years to spin off his own fund from the company when he departs on June...
Sowood Capital Management, Larson’s $2-billion hedge fund, will receive an initial investment of $500 million from HMC. Harvard will also invest $200 million in an exclusive commodities fund operated by Larson. All told, the spin-off will place around an additional 3 percent of the University endowment in the hands of an external manager in a trend which shows no signs of abating...
...President Jack R. Meyer spoke more openly this year than ever before about the possibility of moving to entirely external management of the endowment, acknowledging that more fund managers were likely to leave HMC in future years and spin off funds of their...
Unfortunately, Harvard has only become more secretive since Lawrence H. Summers was appointed University president. The faculty has complained about a total lack of transparency regarding the development of Allston. Staff protest the information blackout concerning budget shortfalls and layoffs. And the proliferation of spokespeople-cum-spin-doctors has made it impossible for reporters from The Crimson to properly cover even the most benign topics...
...more we diversify and spin people out of the recruiting program into self-directing searches, because it is student-managed searches rather than corporate-managed searches, the more there’s a delay,” he said...