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Indian-American investment veteran will manage endowment for Harvard

N P Narvekar, 54, an Indian-origin investment veteran

New York, Oct 4 (UITV)- N P Narvekar, 54, an Indian-origin investment veteran, has been appointed as the president and CEO of Harvard Management Company (HMC) that manages Harvard University’s endowment and related financial assets.

The university’s $36 billion endowment is the largest college endowment in the world. The Wharton graduate comes to HMC a week after Harvard endowment reported a two percent loss on its investments for the fiscal year ending June 2016, the endowment’s worst performance since 2009.

He was most recently chief executive officer of Columbia University Investment Management Company (IMC). Under his leadership IMC has delivered annualized returns over the ten-year period through fiscal 2015 of 10.1 percent. In fiscal year 2016, HMC returned a negative two percent on the endowment that led to an almost $2 billion reduction in the value of Harvard’s endowment.

Narvekar said he is honored to join the organization and looks forward to working with the HMC Board and team.

Harvard University president Drew Faust said Narvekar’s leadership skills and deep experience at the highest levels of investment management will position HMC for long-term success.

Narvekar holds an MBA from The Wharton School and a BA in Economics from Haverford College.

Founded in 1974, HMC manages Harvard University’s endowment and related financial assets, seeking strong investment returns to advance the University’s academic mission.