Harvard University endowment more than $25 billion dollars

October 1, 2005

Harvard University reaching the heights of legendary Varanasi and Taxasila

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Harvard endowment cracks $25 billion

Friday, September 30, 2005; Posted: 3:05 p.m. EDT (19:05 GMT)

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BOSTON, Massachusetts (AP) -- Harvard University's endowment has surged past the

$25 billion mark, the school said Friday as it named an interim head of the

successful, quasi-independent company that has helped make the university the

wealthiest in the world.

Harvard said departing money manager Jack Meyer earned a return of 19.2 percent

for the university last year, helping boost the endowment to $25.9 billion.

But the announcement on Meyer's last day that Harvard Management Company board

member Peter Nadosy, former president of Morgan Stanley Asset Management, would

serve as interim chief investment officer confirmed the university is struggling

to find a suitable replacement.

Meyer announced his departure in January, and had delayed leaving as Harvard's

search dragged on.

Harvard's endowment is the largest of any university in the world, exceeding No.

2 Yale by more than $10 billion.

Meyer has consistently beaten performance benchmarks, and Harvard's 19.2 percent

return last year topped the 15.8 percent median return for the 25 largest

university endowments, the school said. But Meyer and his staff have also

attracted criticism from some alumni for their compensation of as much as $35

million per year.

Harvard said the compensation was a small price to pay for such good investment

advice. But when the university began looking for Meyer's successor, it also

undertook a broad examination of HMC, including compensation and whether Harvard

should entrust more of its endowment to outside managers.

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