Can Harvard Recapture Its Investment Magic?
- Endowment CEO Stephen Blyth departs fund after 18 months
- Two former Goldman partners who guided equity plan also left
Across the Charles River from Harvard Yard, the stewards of the university’s vast fortune were about to embark on an ambitious plan: they wanted to recreate a Wall Street-style hedge fund to trade stocks.
After years of missteps, controversy and even crisis, Harvard Management Corp., which oversees the university’s $37.6 billion endowment, began assembling a new corps of equity traders and analysts in 2014, in hopes of recapturing a part of the investment magic that had once made the fund the envy of the world.