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Harvard, world’s wealthiest college, sees endowment soar to $53.2 bln


BOSTON, Oct 14 (Reuters) – Harvard University, already the wealthiest on this planet, stated on Thursday that its endowment made a 34% achieve and swelled to $53.2 billion within the fiscal 12 months that led to June.

Investments in personal and public markets helped gas the rise which college officers known as an “outstanding” 12 months. A 12 months in the past, Harvard reported a 7.3% achieve through the fiscal 12 months that led to June 2020, simply months after markets tumbled amid the coronavirus outbreak.

But the returns path these of different distinguished endowments that spend money on personal fairness, enterprise capital and hedge funds the best way Harvard does.

N.P. Narvekar, the college’s chief funding officer and chief government of Harvard Management Company (HMC), stated Harvard’s positive factors would have been a lot increased had the varsity invested in riskier belongings. He additionally cautioned that the endowment will not produce these kinds of returns yearly.

Over the final years, Harvard took much less threat in its portfolio than lots of its friends, Narvekar stated within the college’s annual monetary report. “Put another way, given the extraordinarily strong performance of the overall markets this past year, a meaningfully higher level of portfolio risk would have increased HMC’s returns dramatically,” he stated.

The Massachusetts Institute of Technology’s endowment returned 56% within the 12 months led to June to $27.4 billion, whereas Brown University’s gained 52% to $6.9 billion, the faculties stated.

Reporting by Svea Herbst-Bayliss; Editing by Susan Fenton

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