BOSTON Aug 1 Harvard University has hired a
former hedge fund manager as head of public equity to help
oversee how its $32 billion endowment invests in stock markets
around the world, the Ivy League school said on Friday.
Michael Ryan, a Yale graduate and former Goldman Sachs
partner who recently helped run hedge fund JAI Capital
Management, will step into the newly created position at Harvard
Management Company (HMC), the school's money management arm, in
"Public markets are an important driver of HMC's returns and
we are confident Mike will contribute significantly to our
investment strategy and our ability to outperform our equity
market benchmarks," Stephen Blyth, managing director, head of
public markets said in a statement.
Harvard invests a bigger chunk of its portfolio in private
equity than in U.S. stocks and that has caused the school to
miss out on strong stock market gains over the last five years,
outside analysts have said.
Jane Mendillo, HMC's chief executive, said in June she would
leave the university at the end of the year. Last month she said
she had no regrets about how the portfolio was invested.
(Reporting by Svea Herbst-Bayliss; editing by Gunna Dickson)