Hire Jack Meyer

[UNTLifer]

board.

North Texas needs to hire Mr. Meyer to head fundraising.

BOSTON - Harvard University said Tuesday its endowment rose by 16.7 percent to $29.2 billion in its latest fiscal year, extending its longtime growth despite recent changes in management.

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The endowment's value at the end of June, the end of its fiscal year, compares with $25.9 billion in mid-2005.

Harvard depends on its endowment — a combination of about 11,000 individual funds — for a large portion of its annual expenses. In the 2006 fiscal year, nearly a third of its operating budget, or more than $930 million, came from the university's endowment.

Last year, Harvard named Mohamed El-Erian, a specialist in emerging market debt, as CEO of Harvard Management Co. El-Erian succeeded Jack Meyer, who helped dramatically grow Harvard's endowment from $4.7 billion in 1990.

"Notwithstanding some of the challenges associated with its current transition phase, HMC's efforts at adding value continued to draw successfully on both internal and external expertise," El-Erian said in a news release.

A study released in January by the National Association of College and University Business Officers ranked Harvard as the richest university in the nation, far outpacing second-place Yale, which had a $15.2 billion endowment.

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Edited September 19, 2006 by UNTLifer