BOSTON (Reuters) – Richard Hall, who oversaw private equity investing at Harvard University’s $37 billion endowment, is leaving the Ivy League school to become the deputy chief investment officer at the University of Texas’ endowment.
Harvard’s investment chief N.P. “Narv” Narvekar wrote in an email on Wednesday that Hall, a four year veteran at Harvard Management Company, is moving back to Texas for the position at the University of Texas Investment Management Company (UTIMCO).
At UTIMCO, which oversees roughly $40 billion, Hall will reunite with Britt Harris who previously served as chief investment officer at the Teacher Retirement System of Texas and was appointed UTIMCO’s chief executive officer and chief investment officer in June. Hall had been head of private equity at Teacher Retirement System of Texas before coming to Harvard.
Narvekar, who came to Harvard in late 2016, has been restructuring how the university manages its money by letting more outsiders do the investing and shutting down its internal hedge funds. As part of the changes, Harvard said in early 2017 that it would lay off roughly half of Harvard Management Company’s 230 employees.
Reporting by Svea Herbst-Bayliss; Editing by Susan Thomas