Net Present Value: Harvard breaks new ground

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Friday, January 16, 2004

Harvard breaks new ground

In an attempt to attract new dollars to the already enormous Harvard endowment (the largest of all university endowments), Harvard has broken new ground according to a New York Times story (registration required) that details how it now allows trusts to be invested in a new fund that mirrors its high-performing endowment:

Harvard has been marketing the new strategy in letters to existing donors and in its alumni e-mail newsletter. A large ad in Harvard's alumni magazine proclaims: "New Investment Opportunity. Qualifying charitable trusts at Harvard can now be invested in Harvard's endowment." Since the beginning of the year, about $225 million in trust assets have been invested in this new endowment fund, says David Scudder, vice president of trusts at Harvard Management Co., which oversees the endowment and is a wholly owned subsidiary of Harvard. Harvard is offering the new fund in part because of requests from alumni who have long wanted to invest in the endowment, Mr. Scudder adds.

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