Bad news for Harvard: It invested $500 million in Sowood, a hedge fund that just announced it has lost more than half of its assets.
From CBS Marketwatch:
Harvard Management Chief Executive Mohamed El-Erian suggested in December that the endowment was keen on investing more in Sowood.
"Harvard's endowment has benefited from its long-term association with Sowood Capital Management through its investments in the Alpha product and commodity funds," he said in a statement. "We look forward to deepening this relationship."
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