The world’s largest — and most watched — endowment turned to its peers for a new CEO to break a decade-long run of low returns, high turnover and strategic upheaval.
哈佛大学认为它已经发现了领导者。学校上周宣布，自2002年以来，它聘请了哥伦比亚大学捐赠首席执行官Narvekar聘请了Narvekar，运行哈佛管理公司，该公司管理其360亿美元的捐赠基金。行业内部人士称，Narvekar是一个安全的一个组织，了解它在过去的时间做出了正确的时间。
The Stakes
“他们已经有很多营业额，并没有跟上他们的常春藤联盟弟兄们，”投资咨询公司资金评估小组校长诺兰豆说。不与HMC合作的豆类通过几个领导层改变观看了HMC工作。“你不想要大量的营业额在这份最高工作中：哈佛是最终的长期资本池。这是破坏性的。“
Bean建议，在54，Narvekar提供经验和潜在数十年的HMC持续领导。“如果他点击良好，他就可以这样做了一段时间。”
Narvekar’s predecessor, Stephen Blyth, lasted 16 months as CEO. He resigned in July for undisclosed “personal reasons” after two months of medical leave. Blyth has continued to teach senior-level statistics courses at Harvard since stepping down.
HMC’s returns for FY2016 — Blyth’s only full year as endowment chief — followed a familiar pattern of underperformance. The fund lost 2 percent for the year ending June 30, 64 basis points below the median -1.36 percent return among $1 billion-plus peers in investment consultancy Callan Associates’ database.
“Clearly, these are disappointing results,” HMC board chairman Paul Finnegan said in announcing the performance. “We are all focused on taking the steps necessary to ensure HMC can continue to most effectively support the mission of Harvard University over the long term.”
芬内纳是揭示董事会最大步骤的日子：雇用一个新的首席执行官。
候选人
工的7月27日辞职immediatel生效y. HMC’s board retained recruitment firm David Barrett Partners, which had recently placed new investment leaders at Stanford’s endowment (Robert Wallace), the American Red Cross (Greg Williamson) and the University of California (Jagdeep Bachher).
“兴趣较高，竞争过程，因为惠普有很多有趣的选择，”公司创始人大卫巴雷特告诉机构投资者。亚博赞助欧冠“什么让搜索困难的是董事会的酒吧：我们真的拍摄高。”
For one thing, investors who have experience at endowments of Harvard’s scale almost don’t exist outside of the fund. “Harvard is 50 percent bigger than the next largest,” Barrett points out. Adding a strong track record and good people skills to the list of requirements shrank the pool of potential candiates to a puddle.
但是董事会在一个标准上证明灵活，这通常是Elite捐赠领导者的Ironclad：他们的母校。Narvekar获得了B.A.在宾夕法尼亚州Haverford的小型文科学校Haverford学院的经济学中，并拥有宾夕法尼亚大学的沃顿沃顿学校的MBA。
“Narv is not a Harvard man, but he’s also not a surprise,” says Robert Grady, a private equity investor with San Francisco–based Gryphon Investors, former chair of the New Jersey State Investment Council, and Harvard alumnus. “I understand that they were very focused in the search on someone from a smaller endowment.”
哥伦比亚的基金达到90亿美元，有四分之一的哈佛资产价值 - 但是一个更好的追踪记录。Narvekar将纽约市的常春藤联赛基金带到2015年6月30日的十年内的年度回报率为10.1％。（哥伦比亚尚未向2016年报告）。250 basis points in Narvekar’s favor.
巴雷特可能已经将Narvekar交付到捐赠世界的冠座位上，但罗素雷诺兹招聘人员首先发现了他。资产管理专家DEB Brown在2002年帮助哥伦比亚的Narvekar - “古代历史！”在她的话 - 仍然是资产所有者的粉丝。
“NARV是一个优秀的投资者，”布朗说，“谁非常简单地区分自己，在街上的直接投资经验以及作为分配者的结合。这不是唯一的，但这是不寻常的。总的来说，他很棒。“
The Haverford College alum spent 14 years at JPMorgan (1984 to 1998), before exiting his managing director role for the University of Pennsylvania’s investment office. Narvekar rose quickly at his alma mater from MD to deputy director. When Narvekar was four years into his asset-owner career, Brown and her team came knocking with the Columbia opening.
哥伦比亚大学总裁Lee Bollinger Citrits Narvekar推动了“薪金投资经理年度明显持续成功”。在他的任期期间，捐赠率增加了34亿美元至96亿美元的价值。
哥伦比亚使罕见的决定将捐赠Cio Peter Holland命名为Narvekar的继任者，而不会首先进行正式的搜索。这一举动，据棕色，“谈到了NARV吸引，留住和促进了人才的能力。如果你正在寻找一个人才磁铁的人，并且能够给予董事会的信心，他就是那个人。“
The Challenges Ahead
Industry insiders polled by IIN agree that Narvekar is a strong choice for an extremely difficult position.
HMC and its U.S. peers draw scrutiny worldwide, according to the former CIO of a major UK pension fund. “The big U.S. foundations and endowments do a lot of things that are very different to other investors, which can put huge pressure on the person at the top,” the investor says. Major European institutions often alleviate such attention by refusing to engage with media, whereas “U.S. institutions are much more ‘out there,’” the investor adds.
The notoriously press-shy Narvekar might fit in well on the Continent. He hasn’t given an interview for years, as any investment reporter knows all too well. Keeping quiet about his work at HMC may lessen pressure on the margin, but insiders say a merciless spotlight comes with the job. The annual Ivy League endowment performance horserace fascinates industry watchers at large, but perhaps no one watches as closely as the participants themselves.
“The tension is balancing that long-term responsibility with the fact that the large endowments tend to measure themselves against each other,” says Gryphon’s Grady. “If you’re radically different and wrong, it’s not like you’ll have five or ten or 15 years to prove you’re right. It’s highly competitive.”
巴雷特说，他的最新安置需要时间来改造禀赋的性能。“没有人会真正知道匕首是有多好的十年。但是除非你达到了像大卫·斯文文的耶鲁斯的赛道记录，否则压力正在上，“Barrett补充道。“这些投资组合就像海上衬里：打开它们需要一年多。对于NARV，为期三年的回报号将是最重要的。“
一件事是肯定的：因为他开始了他的职业生涯的最大挑战，Narvekar可以依靠观察员关于如何运行世界上最大的捐赠的免费建议。
“这就像是洋基队的经理一样，”豆说。“听起来很好，但你被每个人都在大喊大叫。”
欧洲内容总监Matthew Craig的其他报告，投资者智能网络。