Harvard University said it plans to outsource most of the investment management of the university's $35.7 billion endowment and cut about half of its staff in a sweeping overhaul of the world's wealthiest university fund.


Harvard Management will shut down its internal hedge funds by June 30, the end of the fiscal year, and about half of the 230 employees will depart by year-end, Narvekar, 54, said in the letter.


Harvard lost 2 percent on its investments in the year ended June 30 as most schools struggled with small losses. It's generated an annual average return of 5.9 percent during the last five years, among the worst in the Ivy League and trailing peers such as Yale, which had a 10.3 percent gain.

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