Harvard Endowment Loses Two More Portfolio Managers as Restructuring Continues

Oct 2 2015 | 7:35pm ET

Harvard University’s famed endowment has disclosed that two additional portfolio managers have left.

The departure of the two executives, Marco Barrozo and Satu Parikh, are the latest in a series of restructuring moves at Harvard Management Company, which manages the university’s $37.6 billion endowment. The fund has now lost four senior executives inside of a month, including the recent retirement of alternatives head Andrew Wiltshire.

Barrozo, who joined HMC in 2007, was head of fixed income, while Parikh joined in 2011 and was head of commodities. Both left HMC on Friday, according to Bloomberg, Their duties will reportedly be assumed by other managers. 

Parikh’s departure came as a particular surprise, since just this week he had been publicly named by CEO Stephen Blyth as the interim replacement for the departing head of the natural resources portfolio, Alvaro Aguirre. 

The moves have been at least partly linked to a restructuring initiated by Blyth, who became CEO in January after running public markets for the fund, and sparked by poor returns. HMC booked a 5.8% return in its fiscal 2015, well below many of its peers, and has come under fire for years of lagging performance despite paying some of the highest compensation among university endowments. 

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