Harvard chief investment officer resigns

Mohamed El-Erian, president and chief executive officer of Harvard Management Company since February 2006, unexpectedly announced his intention to resign effective at the end of 2007 and to return to Pacific Investment Management Company, where he formerly worked, as co-chief executive officer and co-chief investment officer. Harvard Management Company, which oversees the University endowment, reported on August 21 that it had produced investment returns of 23 percent during the fiscal year ended June 30, increasing the value of the endowment to $34.9 billion, and that the value of the endowment had appreciated further in July, despite widespread turmoil in the world stock and bond markets. The endowment now accounts for about one-third of Harvard's annual operating budget. A national search for El-Erian's successor is to begin immediately. Further developments will be reported here as they are known; a full account will appear in the November-December issue of Harvard Magazine. For the full text of the University new release, visit http://www.news.harvard.edu/gazette/2007/09.13/99-elerian.html.