Narv Narvekar, CEO, HMC (Art by Chris Buzelli)
Harvard University’s endowment will fire half of its staff
of 230 by the end of 2017, according to a Harvard
The radical change is the first major action taken by Narv
Narvekar, the $35.7 billion endowment’s new chief. It also signals a move away
from a “hybrid” investment approach of using internal investment staff and
The largest US endowment is expected to shut down its
internal hedge funds and spin out its direct real estate team, according to the
Wall Street Journal. Harvard
Management Company’s (HMC) natural resources portfolio and passive
exchanged-traded funds will remain in-house.
“As a result of these changes in investment strategy, the
HMC organization will be significantly streamlined by the end of calendar year
2017,” Narvekar wrote to the Crimson.
“We can no longer justify the organizational complexity and resources necessary
to support the investment activities of these portfolios.”
Additionally, HMC announced Wednesday it has added to its team
a CIO and three managing director, who will report to Narvekar.
Rick Slocum, who was most recently CIO of New York-based
family office the Johnson Company, will join the endowment as investment chief
in March 2017.
Previously, Slocum led private equity and portfolio
management at the Robert Wood Johnson Foundation, and was senior director of
the University of Pennsylvania endowment.
Vir Dholabhai, Adam Goldstein, and Charlie Saravia were
named the endowment’s newest managing directors, HMC said. The three all worked
with Narvekar at Columbia University’s endowment for nearly a decade.
Narvekar, who managed Columbia’s $9.6 billion endowment for
14 years, joined Harvard last December. He has been tasked with improving the
endowment after years of poor returns and turnovers in leadership.
Endowment Names Columbia’s Narv Narvekar CEO & Harvard
Endowment Downsizes In-House Equities Team