BOSTON, Oct. 1 (UPI) -- Harvard University has announced its endowment earned a 19.2 percent return for the fiscal year ending June 30.
The return is above the 15.8 percent median return of the nation's 25 biggest university endowments, and the endowment's total value rose to $25.9 billion, up from $22.6 billion the year before, reported the Boston Globe Saturday.
Jack Meyer, who heads Harvard Management Co., is resigning to open his own investment firm, and he is taking some of his Harvard staff with him to open Convexity Capital Management.
Meyer joined Harvard Management in 1990. Over the past 10 years, Harvard's endowment earned an average return of 16.1 percent a year, compared to a median return of 9.4 for institutional investors and 12.5 percent for the 25 largest endowments.
James Rothenberg, chairman of Harvard Management, said the endowment told the Globe Meyer's new firm will receive $500 million of the university's money to manage.
In 1995, the endowment provided 21 percent of Harvard's total income. Last year it provided 31 percent.
