Most people who leave elite university endowments, such as the David Swensen–led Yale Investments Office, go on to work for other asset owners. People who leave Harvard Management Company tend to become fund managers.
故事的捐赠办公室产生了一些对冲基金运营商 - 有些人从HMC退缩 - 以及少数这些所谓的Crimson Cubs已经被努力成为业务中最大和最着名的公司。很快还有更多的东西会尝试加入他们的行列：HMC在1月份告诉员工，其中230人的一半人员将是放手under an overhaul being orchestrated by newly minted leaderNarv Narvekar。HMC历史地管理了内部资产的大部分资产，现在将外包大部分产品管理。许多内部管理人员已经在作品中启动了。但发射可能是赌博，因为深红色幼崽的表现已经明确混合。
最着名的束缚，凸起资本管理，成立于2005年，由前HMC总裁兼首席执行官Jack Meyer成立，以及他的HMC同事大卫Mittelman和Maurice Samuels。其63亿美元的亮相标志着当时历史上最大的对冲基金推出，这是一个从哈佛达5亿美元的拖运。捐赠有充分的理由想要进入一楼：在1990年至2005年的任期期间，Meyer产生了平均年度的年度回报16.1％。
He has not replicated that success at Convexity in recent years. The firm closed its main fund to new investment in 2013 after its performance had floundered for 18 months. According to a 2015Wall Street Journalreport, the firm’s main hedge fund trailed the benchmarks by 2.4 percentage points in 2014, 3.7 percentage points in 2013, and 0.3 percentage points in 2012 — and it only collects incentive fees when it beats the benchmarks. They sank further in 2016 after the firm lagged the benchmarks in the first half by 3.6 percentage points, according to a Bloomberg report. The firm, which employs a fixed-income-focused strategy, managed$4.3 billionat the end of 2016, a far cry from its 2013 peak of $15 billion. Convexity declined to comment.
Highfields Capital Management has had a better time of it. The firm was founded in 1998 by Jonathon Jacobson, who managed equities for HMC, with $1.5 billion in capital. At the end of 2016 it managed some $12 billion in value-focused, opportunistic equity hedge funds that maintain a long bias, often holding positions for years. The firm’s flagship hedge fund has produced a cumulative return of approximately 560 percent since its launch in 1998, compared with a gain of about 234 percent for the HFRI Fund Weighted Composite Index. Highfields declined to comment for this story.
像凸起一样，格库资本管理保持了低调。但相似之处结束了那里。股票集中于2001年，由罗伯特阿泰森和菲利普总成立，管理约为290亿美元。它一直非常受投资者受欢迎，部分原因是其独特的慷慨，如果他们的长短股票基金优于标准普尔500指数，管理人员只会收取绩效费用，如果他们未能击败以下基准，则会收取一大块费用年。绩效也有所帮助：2015年9月，其主要对冲基金赢得了约9.7％的年度返回，据AWall Street Journalreport。但它返回1。1 percent for the 12 months ending in June, according to a Bloomberg report, the first time it trailed the S&P 500 over a fiscal year since its inception. A spokesman for Adage declined to comment.
Several HMC portfolio managers are already planning fund launches, some with Harvard backing. One such fund is a relative value fund run by Michele Toscani and Graig Fantuzzi, which is expected to launch with at least $300 million from the endowment. (Fantuzzi has been a managing director of fixed income for the endowment; Toscani, a managing director, portfolio manager, and co-head of relative value strategy.) HMC is also planning to back Rene Canezin, HMC’s head of public markets and resources, with at least $300 million.
Other forthcoming launches include Sierra Brook Capital, a long-short fund to be run by Robert Howard and Sid Sandilya that will employ “a generalist, low-net, long-short equity strategy with an integrated fundamental and multifactor quantitative investment process,” according to Sandilya’sLinkedIn bio。Another is a yet-to-be-named emerging-markets equity fund run by Sanjiv Bhatia, according to a Bloomberg report. A spokeswoman for HMC declined to comment on the launches.
HMC’s fixed income team is highly regarded, and some say as many as six launches could come out of this group alone. But others may choose to skip the startup route altogether.
“There’s going to be competition for the better of the Harvard spinouts among platforms: Millennium, Point72, Citadel,” notes Adam Geiger, president and CIO of New Legacy Group, an investment advisory firm that specializes in emerging managers. “It will be interesting to see how many choose a truly independent path rather than go the platform route.”