Institution's endowment is expected to lay off half its staff

pulse

January 25, 2017 7:53 PM

About half of the 230 employees at Harvard Management Co. will leave over the course of the year.

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Harvard Universitys endowment is expected to lay off half of its staff and outsource management of most of its $35.7 billion assets, The Wall Street Journal reported Wednesday.

About half of the 230 employees at Harvard Management Co. will leave over the course of the year, with its internal hedge funds shutting down and traders leaving by the middle of the year, according to the Journal, which cited unnamed people familiar with the matter.

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