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Harvard to Spin Off Direct RE Investments
In a sweeping change to save costs, Harvard University’s endowment will outsource management of the majority of its assets, and lay off approximately half its staff. The change will impact approximately 230 employees with Harvard Management Co.
The internal team in charge of direct real estate investments will spin out into an independent outside company, with which Harvard will invest. The only assets remaining in-house are the university’s natural resources portfolio and passively-managed investments.
The changes are taking place under the university’s new endowment chief, N.P. Narvekar, who said, in a statement, “we can no longer justify the organizational complexity and resources necessary to support the investing activities of these portfolios.”
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