NP Narvekar, 54, an Indian-origin investment veteran, has been appointed the president and chief executive officer of Harvard Management Company (HMC), which manages Harvard University's $36 billion endowment and related financial assets. Mr Narvekar, who will assume his role in December this year, will be HMC's fourth CEO in 10 years.
He has been appointed by Harvard as CEO of the management company that oversees the university's $36 billion endowment, the largest college endowment in the world.
Importantly, he comes to Harvard Management Company a week after Harvard endowment reported a 2 percent loss on its investments for the fiscal year ending June 2016, the endowment’s worst performance since 2009. Harvard University’s president Drew Faust said Narvekar’s leadership skills and deep experience at the highest levels of investment management will position HMC for long-term success. Founded in 1974, HMC manages Harvard’s endowment and related financial assets, seeking strong investment returns to advance the University’s academic mission. In fiscal year 2016, HMC returned a negative 2% on the endowment, which led to an almost $2 billion reduction in the value of Harvard's endowment.
The Wharton graduate, Mr. Narvekar was most recently President and chief executive officer of Columbia University Investment Management Company.