MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, August 24, 2009 Harvard Management to Cut Mandates After suffering steep losses over the past year, Harvard University's endowment is returning to more traditional investing. Jane Mendillo told the Wall Street Journal that the endowment is selling some of its holdings in hedge funds, private-equity firms and other outside managers in order to oversee more of its investment decisions internally. The move means fewer mandates for external managers. Harvard Management Company -- the endowment's advisor -- had tapped as many as 200 external managers for mandates. Mendillo recently told her staff to identify the top five to 10 managers in each asset class as part of an effort to trim those ranks. Harvard's endowment team managed just one third of its $37 billion in assets as of last summer. It is not known how that proportion will change. Harvard's endowment is expected to report a 30 percent loss for the year ended on June 30, according to the WSJ. Printed from: MFWire.com/story.asp?s=22417 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |