CAMBRIDGE, Mass. (AP) — Harvard University is turning to an insider to manage its largest-in-the nation endowment.
The university has announced that Stephen Blyth will take over as president and CEO of Harvard Management Co., which oversees the $34.6 billion endowment.
Since 2006, Blyth has been HMC's managing director and head of public markets, responsible for investments in public equity, credit, and fixed-income markets. He also has a doctorate in statistics from Harvard.
Blyth takes over from Jane Mendillo on Jan. 1.
Mendillo and her predecessor, Mohamed El-Erian, were hired from outside HMC.
The chairman of the HMC board of directors says Blyth was selected after a nationwide search.
Blyth called his appointment an "honor" and said he could "think of few nobler missions in investment management" than leading HMC.