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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Harvard Endowment Axing >100 Staffers, Managers Leaving to Start Hedge Funds
Three money managers are planning to leave Harvard University’s struggling $38Bn endowment to start their own hedge funds amid plans by the organization to cut half of its 230 employees and shutter its internal hedge fund unit.
- Michele Toscani and Graig Fantuzzi, who each focus on fixed income at Harvard Management Co., are teaming up to start a hedge fund.
- Sanjiv Bhatia, who focuses on emerging market stocks, is also setting up his own shop.
Harvard Management said it’s “exploring investing relationships” with groups overseeing the internal hedge funds who are departing although it was unclear if any of these new funds are involved.
Toscani, an MD at Harvard Management and co-head of relative value strategy, joined in 2009 from Fortress Investment Group LLC. Fantuzzi joined the trading desk in 2007 from Morgan Stanley where he traded Treasuries.
Bhatia, who joined Harvard in December 2012 after closing his hedge fund Isometric Investment Advisors, is part of a group investing in equities that the endowment began dismantling last year. Prior to starting a hedge fund in 2009, he ran Asian investments at Deephaven Capital Management and spent 12 years at Goldman Sachs.
The layoffs and restructuring follow the arrival of Nirmal “Narv” Narvekar, who started as CEO executive officer at Harvard Management in December. He’s seeking to make a transition from a “silo investment approach to a generalist investment model,” with fewer staffers. Narvekar came from Columbia University where he led a team of about 20 people overseeing around $9 billion that delivered top returns among peers.
Harvard also employed more people than other endowments because it had teams making direct investments in assets such as real estate and natural resources. The management company said last month that the real estate team is also expected to be spun out by the end of the year, although “it will continue to be a valuable partner.”