Word: erian
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Mohamed A. El-Erian, president and chief executive officer of Harvard Management Company (HMC), will resign at the end of 2007 to take a job with his former company, California-based Pacific Investment Management Company...
...loss represented a 1 percent decrease for the endowment, based on Tuesday's figures. But even with a downturn in the market in July, when the Standard & Poor's 500 index fell by 3.1 percent, El-Erian said that the endowment showed a monthly gain of .4 percent largely because of the new risk management strategies in place...
...Erian, in his second year as HMC chief, came to Harvard after the departure of former CEO Jack R. Meyer, who took nearly one-third of HMC's employees with him to start a new hedge fund...
...Erian said that he has worked to rebuild the internal portfolio management team so that it now covers five distinct areas. HMC has hired managers from the industry to head these teams, restructured its group of external managers, and improved its risk-analysis capability, El-Erian said. El-Erian said that the changes he has enacted appear to have been effective in establishing stability for the largest university endowment in the world...
...addition to improving risk strategies to counter market uncertainties, HMC will launch a Web site next month and publish an annual report beginning next year, unprecedented moves for the historically secretive group. Given continued worries in the credit market, El-Erian warned in his annual letter to Harvard affiliates that the high returns from the past year should be viewed as including some "windfall gain" as opposed to indicating a future trend of equal performance. "It's one thing to have a good year, but it's also important to build the foundation for continued long-term institutional excellence...