Michael Ryan, head of public markets and absolute return
strategies at Harvard Management Co, is leaving and more jobs in
the internal equity team will be eliminated, the endowment said
in an internal email reviewed by Reuters.
The changes are part of an overhaul initiated by Chief Executive
Stephen Blyth to improve returns at the largest U.S. college
fund. Blyth, who took over the job in January 2015, has been on
medical leave since late May.
Harvard Management will stop making selective direct equity
investments, Robert Ettl, the endowment's interim CEO said in
The email did not say how much money would be shifted to outside
managers or how many positions would be cut.
In the email, Ettl said Elise McDonald will oversee Ryan's team
as Harvard Management searches for his replacement.
"We continuously evaluate how we can best allocate capital and
leverage HMC's comparative advantages to maximize performance
over the long-term," Harvard Management spokesman Lex Suvanto
(Reporting by Svea Herbst-Bayliss; Editing by Richard Chang)
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