Bloomberg reports that Mohammed El-Erian, the fund manager who took over the Harvard Management Company in March 2006 and then abruptly departed less than two years later, will lead a new fund at his company, the Pacific Investment Management Co (Pimco). He will oversee the Pimco Global Advantage Fund, which will invest in both foreign and U.S. securities and derivatives. “This will give him the opportunity to show his wares,” says one consultant.

During his short stint at Harvard, El-Erian grew the university’s endowment by a handsome 23 percent return, or $35 billion, according to Reuters. As 02138 ‘s Richard Bradley reported last November, his departure left Harvard’s financial planners in a lurch.