Skip to content
Subscriber Only

Harvard’s New Fund Manager, Copying Yale, Will Farm Out Money

  • Largest fund repudiates decades-old approach after poor return
  • Half of staff will depart as endowment turns more to outsiders
Video player cover image

QuickTake: U.S. University Endowments

Updated on

The new head of Harvard University’s endowment moved quickly to remake the fund in the model of better-performing rivals such as Yale, pledging to cut its 230-person staff in half and shift most of its money to outside managers.

The change marked an extraordinary repudiation of an investment strategy dating to the 1990s. Under that approach, Harvard hired its own managers -- offering multi-million-dollar paychecks to the top performers -- to oversee its wealth.