Harvard Management Co
Columbia University endowment manager N.P. Narvekar will serve as the next CEO and president of Harvard Management Company, taking the reins of the world’s largest university endowment at a time of instability, the University announced Thursday evening.
The near $2 billion drop in Harvard’s endowment will constrain budgets, University President Drew G. Faust said in an interview Tuesday.
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.
Previously the CEO of Brazilian farmland investment firm Radar S.A., Butterfield will join Harvard’s investment arm—which directs the University’s $37.6 billion endowment—this fall, the University announced Thursday.
Blyth’s departure continues a recent trend of shorter stints at the head of HMC— for the first 31 years of its existence, the fund saw just one transition of leadership.