CAMBRIDGE, Mass. (HedgeWorld.com)–Harvard Management Co. was able to preserve capital over the last three years of rocky stock market returns, but couldn’t hang on to its president, Jack Meyers.
Mr. Meyers announced today that he is stepping down to begin a new venture with his Harvard colleagues Edward DeNoble, David Mittleman, Michael Pradko and Maurice Samuels. Providing details of a plan for a smooth transition following Mr. Meyer’s June 2005 departure date, a Harvard University press statement didn’t describe the enterprise that Mr. Meyer will be forming.
“Thanks to Jack Meyer’s leadership and the work of people throughout the organization, HMC’s outstanding investment returns have strongly contributed to Harvard’s financial well-being and its capacity to innovate and grow,” said James F. Rothenberg, treasurer of Harvard in a statement.
For the fiscal year ending June 30, 2004, Harvard’s US$22.6 billion endowment posted a 21.1% return. Harvard’s hedge fund allocation is said to have helped the portfolio achieve its relatively strong performance numbers. In 2001, nine staff members left the management company to start a hedge fund that was in turn seeded by the endowment fund (see ).
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