Harvard University’s endowment is expected to lay off half of its staff and outsource management of most of its $35.7 billion assets, The Wall Street Journal reported Wednesday.
The announcement comes after its one-year investment return for fiscal year 2016 was -2.2%. It has been performing poorly since the 2008 economic crisis and its returns have been near the bottom for the Ivy League.
Universities, and the portfolio managers who invest their funds, note that endowment growth provides major funds for a school’s operating budget.
The portfolio earnings are also a highly competitive venture, and the schools are closely read more >>>