Jane Mendillo, president and CEO of Harvard Management Company, which manages the company’s more than $US30 billion endowment, is stepping down at the end of the year, according to an announcement from the university.
Harvard said that during the five years ended June 30, HMC delivered an estimated annual return of 11-12%. During that period, payment from the endowment to the university totaled $US11 billion.
Last year, an analysis showed that from fiscal year 2009 through June 30, 2013, Harvard underperformed a portfolio weighted to 60% stocks and 40% bonds by 4.5%.
The analysis, performed by recruitment firm Charles A. Skorina & Co., showed that Harvard also underperformed Ivy League peers including Yale, Cornell, and Brown.
Harvard said it has commenced a search for a successor.
These charts show the endowment’s performance and growth over the last two decades.
(h/t Dan Primack)
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