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The day Harvard stopped being a hedge fund

The long rivalry between Harvard (above) and Yale should be confined to their respective football and debating teams. It shouldn't be between their endowments.

AFTER losing US$2 billion last year while markets mostly moved higher, Harvard Management Co (HMC) announced big changes in the way it oversees the world's largest university endowment.

Kicking off the new era, it is getting rid of half of its 230 employees and farming out management of...

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