Harvard Said to Eliminate Eight Positions in Public Equity Group
- The $37 billion fund said to opt for external managers
- Move is reversal of expansion of group trading public stocks
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Harvard Management Co., which oversees the university’s $37 billion endowment, eliminated eight positions this week in its public equities trading unit, according to a person with knowledge of the matter.
Harvard has opted to hire external money managers to oversee the funds they were handling, said the person, who asked not to be identified because the information is private. The move marks a reversal for the management company, which in the past couple of years has hired equities experts to expand internal trading operations after doing the same in fixed-income, commodities and other markets.