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Article: Investment staff part of 25% cut at Harvard Management.(Endowments)
- Article from:
- Pensions & Investments
- Article date:
- February 9, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Douglas Appell
Harvard Management Co., which oversees the $29 billion endowment fund at Harvard University, Cambridge, Mass., will shed roughly 25% of its staff over the next few months, spokesman John Longbrake confirmed.
Industry sources, who declined to be named, said layoffs at HMC began last week, with investment professionals among those leaving.
According to a statement from Harvard Management, "targeted reductions will occur throughout the Harvard Management Company and will include some investment professionals, as well as `back-office' and other support personnel - operations, IT, human resources and legal.''
The ...
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