Harvard's new fund manager outsources $47b endowment
Michael McDonald
Updated
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 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 pay cheques to the top performers – to oversee its wealth.
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