Harvard Adds Rockefeller University's Falls to Endowment Boardby
Amy Falls is chief investment officer at Rockefeller
Harvard's $37 billion endowment board totals 11 directors
Harvard University added Amy Falls, chief investment officer of The Rockefeller University, to the board overseeing its $37 billion endowment, the third outsider this year as the fund restructures.
The appointment of Falls was effective Sept. 28, Harvard Management Co. said Tuesday in a statement. The board now totals 11 members.
HMC is making changes to its board and at the management company after trailing peers in endowment performance. In August the board added Joshua Friedman, co-founder of hedge fund Canyon Partners LLC, and Jeremy Stein, a former Federal Reserve Board governor. Thomas Hollister, Harvard’s chief financial officer who was hired in April, is also new to the board, replacing his boss, Katherine Lapp, Harvard’s executive vice president, said Paul Andrew, a spokesman for HMC.
Three senior managers have departed in the past month and a fourth is leaving at year-end from the endowment, the world’s largest. Last month, Harvard said it’s seeking to revitalize the performance of its endowment after posting a 5.8 percent investment return for the year ended June 30.
“We have set ambitious investment objectives and I look forward to working with Amy and the HMC Board to deliver improved investment performance for Harvard University,” Stephen Blyth, chief executive officer of HMC, said in Tuesday’s statement.
Under Falls’s direction at The Rockefeller University, a biomedical research university in New York, the endowment generated top quartile results for the past one and three years, Harvard said in the statement. Falls couldn’t immediately be reached for comment. The Rockefeller University Investments Office manages about $2 billion in endowment assets, according to its website.
Prior to joining The Rockefeller University in 2011, Falls was the chief investment officer at Andover (Phillips Academy) for six years. She led the effort to establish the Andover Investment Office, the first of its kind for a traditional independent secondary school, Harvard said in the statement. Prior to Andover, Falls was a managing director and global fixed income strategist for Morgan Stanley.