Francesc Balcells resigned from the endowment of Harvard University, where he was the last member of a foreign-exchange group started by Mohamed El-Erian, now CEO and co-chief investment officer of PIMCO.
Mr. Balcells began working this month as head of emerging markets for Rogge Global Partners, a London-based manager of $37 billion in global fixed-income funds, he said Thursday in a telephone interview. He had worked at PIMCO before joining Harvard Management Co., which runs the endowment assets, in 2006 when it was run by Mr. El-Erian, who rejoined PIMCO as CEO in January 2008.
Mr. Balcells' exit comes two months after the departure of Stan Zuzic, one of Harvard's top-paid endowment managers, who joined BGI, a money manager that oversees investments for Bill Gates, chairman of Microsoft Corp., and the Bill and Melinda Gates Foundation, Redmond, Wash. Jane Mendillo, the Harvard endowment's CEO since July 2008, has reshuffled staff, promoting bond manager Stephen Blyth last year to head Harvard's internal investment team and expand it.
“Everything went very well,” Mr. Balcells said in the interview. “I wanted to be closer to my family. The opportunity came along. It's a great firm.”
John Longbrake, a Harvard spokesman, couldn't immediately comment.
The university's endowment dropped a record 30% to $26 billion in the year ended June 30, 2009, as investments declined 27%.