Harvard University, Cambridge, Mass., is making further staff cuts at its $37 billion endowment as one top executive departed and the fund’s investing chief remains on temporary medical leave.
Mike Ryan is exiting Harvard Management Co. as head of public markets and absolute-return strategies, and the size of the internal equity team will be further reduced, Bob Ettl, the interim CEO of HMC, said Monday in an internal e-mail reviewed by Bloomberg.
Mr. Ettl said that Rene Canezin, who heads the natural resources group, is also taking on a broader role to include the internal public markets platform. HMC is searching for a new head of absolute return and public market funds, with Elise McDonald, managing director of portfolio strategy, overseeing that group on an interim basis, according to the memo.
The endowment will no longer pursue a strategy of selective direct equity investments, according to the memo.
“We continuously evaluate how we can best allocate capital and leverage HMC’s comparative advantages to maximize performance over the long term,” the management company said in a statement. HMC declined to comment further on the endowment. The memo didn’t disclose the amount of assets affected by the moves.
CEO Stephen Blyth went on an unspecified leave on May 23, 16 months after embarking on a turnaround plan to improve lackluster returns at the largest fund in higher education.
In May, eight positions in the public equities trading unit were eliminated, according to a person with knowledge of the situation, a scaling back of an expansion effort of that group.