Jan 10, 2018

Harvard endowment loses its private equity boss (again)

Photo: Joe Daniel Price / Getty Images

Rich Hall has stepped down as head of private equity investing for Harvard University's $36 billion endowment, according to a memo obtained by Axios. His next job will be as deputy chief investment officer for the University of Texas Management Co. (UTIMCO).

  • It's a return to Texas for Hall, who before joining Harvard in 2014 had led private equity for the state's teacher retirement system.

Why it matters: Harvard is one of the oldest institutional investors in venture capital and private equity, but has now gone through three bosses in less than five years.

Below is the memo, sent by Harvard Management Company CEO Narv Narvekar, which does not discuss a successor for Hall:

Dear Colleagues,
As some of you may have heard, Rich Hall recently accepted an offer to return to Austin as deputy CIO for the University of Texas Investment Management Company (UTIMCO).
Since joining HMC from the Teacher Retirement System of Texas in 2014, Rich has proven himself to be a talented investor, a responsible steward of the University’s resources, and a wonderful colleague. He also played an integral role in adapting our team to the generalist model over the past year. Rich’s contributions leave us well positioned for the future. We will miss having him as a member of our team, but we’re excited for his new opportunity.
Thankfully, we have some time before Rich heads south to offer him our congratulations and thanks. His last day at HMC will be Friday, February 2.
Best regards,
Narv

Go deeper

Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.