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Wednesday, August 22, 2007

The rich get richer

Today's Chronicle of Higher Education reports:
The 2007 fiscal year was one of the best ever for Harvard University's endowment, which grew in overall value to $34.9-billion from $29.2-billion the previous year, Harvard officials announced on Tuesday.

Harvard Management Company, which invests and manages the institution's endowment -- the largest educational fund in the world -- posted a 23-percent return on its investments during the fiscal year that ended June 30. In the 2006 fiscal year, the endowment earned a 16.7-percent return.

Mohamed A. El-Erian, president and chief executive of Harvard Management Company, said the performance of investments in emerging-market stocks, private equity, and real estate had helped propel the overall strong returns for 2007. It was the first full year for which Mr. El-Erian had overseen the endowment since taking the leadership post in February 2006.

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