Harvard Management Company
(HMC) has found a new CEO.
Narv Narvekar, CEO
of Columbia University’s $9.6 billion endowment, will take over management of
Harvard’s $35.7 billion fund on December 5, HMC announced Thursday.
“Narv is a highly successful
endowment manager with an outstanding 14-year track record heading a large
endowment, providing steady leadership, and delivering strong returns,” said
Paul Finnegan, chairman of HMC’s board of directors. “He is a superb leader and
mentor with a proven ability to recruit, build, and retain a talented and
committed investment team.”
Narvekar is the endowment’s
fourth CEO since Jack Meyer’s departure from HMC in 2005. He fills the role
left vacant by Stephen
Blyth, who resigned in July after less than two years as chief executive. Blyth had initially
taken a “temporary” medical leave in May.
“It is an honor to join such a
prestigious investment organization and help support the mission of Harvard
University,” said Narvekar. “HMC has an unparalleled investment platform among
endowments and I look forward to working with the HMC board and team and using
my investment experience to serve Harvard in the most effective way possible.”
In a separate statement, Columbia announced that CIO Peter Holland would replace Narvekar as the endowment’s CEO. Holland will officially assume his new role on Monday.
Jonathan Schiller, chair of Columbia’s board of trustees, said Holland made “tremendous” contributions to the fund as investment chief and “played a key role in developing both a risk-adjusted investment approach and our investment manager selection process."
“We appreciate Narv’s exceptional service and his hiring by Harvard is a powerful affirmation of the strategy, structure, and people assembled at Columbia’s IMC [Investment Management Company],” he said.
Endowment Chief Stephen Blyth Resigns