In a rough year for university endowments, Yale returned 3.4 percent on its investments in fiscal year 2016, beating out Harvard’s negative 2 percent returns over the same time period.
Harvard Management Company lost almost $2 billion in endowment value during a “disappointing” fiscal year 2016, posting its worst endowment returns since the nadir of the financial crisis.
Harvard has started to narrow its list of candidates to replace Stephen Blyth as CEO of Harvard Management Company and has at least two higher education investment veterans among potential candidates for the position, according to a story in the Wall Street Journal.
Facing a stagnant global financial market, Harvard Management Company, the firm that oversees the University’s $37.6 billion investment pool, is bracing for potentially low returns for the 2016 fiscal year, according to University President Drew G. Faust and financial experts.
General Motors announced on Friday its nomination of former Harvard Management Company President and CEO Jane L. Mendillo to stand for election to its board of directors.
Responding to congressional inquiry about university endowments, Harvard released an extensive document Friday explaining how its $37.6 billion endowment advances its educational—and tax-exempt—mission.
Roughly half way through a five year capital campaign that hopes to raise a higher education record of $6.5 billion, University President Drew G. Faust extolled Harvard’s broad societal value to hundreds of alumni and affiliates gathered on campus Tuesday night.
In response to requests by Congressional leaders to increase the degree of federal oversight for large university endowments, Harvard has indicated it will work with Congress to provide more clarity and information regarding the use of its endowment resources.
As the Harvard Divinity School’s capital campaign exceeds the halfway mark, its hallowed Andover Hall will undergo a transformation into a central hub of activity for multifaith religion, academic study, and events addressing social issues.
In 2015, the two committees—the corporation committee, which consists of four members of the Corporation, and the Advisory Committee on Shareholder Responsibility, a 12-member panel of students, faculty, and alumni—voted on 54 proposals.