Harvard University slashed pay to its endowment chief in 2022, when the school reported its worst investment losses in six years. N.P. “Narv” Narvekar, chief executive officer of Harvard Management Co., was awarded about $1 million in base salary and $5.2 million in bonuses, according to the school. That represented a 6.9% cut from the year before and was the lowest level of compensation since Narvekar arrived in December 2016. The endowment reported an investment loss of 1.8% in the 12 months through June 2022, its worst performance since the comparable period ended in mid-2016 but better tha ..read more

Municipality of Norristown, Pa., is searching for investment consultants for two defined benefit plans. The municipality issued an RFP as a due diligence measure and to get updated market comparisons, said Michael Shockley, plan administrator. The DB plans are the $44 million Norristown Police Pension Plan and $16 million Norristown Paid Fire Fighters Pension Plan. The police plan’s current consultant is PFM Asset Management, and the fire plan’s current consultants are Osaic Wealth and WBH Advisory and all are invited to rebid, Shockley said. The RFP is available on the municipality’s website ..read more

Maine Public Employees Retirement System, Augusta, made a pair of alternative investment commitments totaling up to $150 million, CIO James Bennett confirmed. Both commitments were announced May 9 at monthly meeting of the $19.4 billion pension fund’s board of trustees. Both are subject to final due diligence, legal review and negotiations. The board approved a commitment of up to $100 million to King Street Capital Management, which will become a component of the pension fund’s risk-diversifier allocation, Bennett wrote an email. King Street is a new relationship for the pension fund. King St ..read more

Connecticut Retirement Plans & Trust Funds, Hartford, disclosed two pension fund commitments totaling $450 million. Erick Russell, state treasurer and principal fiduciary of the $51.8 billion state pension system, announced the commitments on May 8 at a meeting of Connecticut's Investment Advisory Council, a news release said. The pension fund committed $250 million to Carlyle Realty Partners X, an opportunistic real estate fund managed by Carlyle Group. CRPTF previously committed $200 million to Carlyle Realty Partners IX in 2021. The pension fund also committed a total of $200 million to ..read more

John Toomey, managing director, has been named to the new position of CEO effective Oct.1 of alternative investments firm HarbourVest Partners, and Peter Wilson, also a managing director, plans to retire at the end of 2025, a spokesman said. Toomey and Wilson have been at the helm of HarbourVest for more than a decade as part of a two-person executive management committee that acted as CEO, the spokesman said. “HarbourVest is a special place that I have been honored to be a part of for more than 27 years,” Toomey said in a news release. “As part of our leadership team alongside Pete Wilson, we ..read more

The White House’s chief economic adviser on May 10 outlined the Biden administration’s tax policy, including raising taxes on corporations and stock buybacks, ahead of November’s election and said the “contrast with Republicans’ trickle-down approach could not be clearer.” “Corporations that are making record profits should contribute their fair share,” National Economic Adviser Lael Brainard said at the Brookings Institution in Washington. “Fixing corporations’ shrinking share of tax responsibilities at a time when corporations’ profits are unusually elevated should be at the center of next y ..read more

James Simons, pioneering quantitative investor and founder of the successful hedge fund Renaissance Technologies, died May 10 at age 86 in New York City, according to a statement from the Simons Foundation. Known as Jim, Simons was a mathematician and chaired the math department at Stony Brook University in New York. He founded what would become the secretive quantitative hedge fund Renaissance Technologies in 1978. The current version of the firm was founded in 1982. It remains one of the most profitable hedge funds in the industry’s history and is known for the performance of its famous Meda ..read more

Neuberger Berman, an investment manager founded in 1939, has joined the growing list of firms seeking exemptive relief to offer ETF share classes of mutual funds, a filing with the Securities and Exchange Commission shows. The May 9 filing listed Neuberger Berman Investment Advisers LLC, which is a Neuberger Berman subsidiary, and four trusts as applicants. The filing applies to Neuberger Berman’s entire mutual fund complex, a Neuberger Berman spokesperson said. “We believe being able to offer ETFs as a class of a mutual fund will be beneficial for both ETF investors and mutual fund investors ..read more

Related article: Oklahoma judge temporarily blocks state anti-ESG boycott law ..read more

Neuberger Berman, an investment manager founded in 1939, has joined the growing list of firms seeking exemptive relief to offer ETF share classes of mutual funds, a filing with the Securities and Exchange Commission shows. The May 9 filing listed Neuberger Berman Investment Advisers LLC, which is a Neuberger Berman subsidiary, and four trusts as applicants. The filing applies to Neuberger Berman’s entire mutual fund complex, a Neuberger Berman spokesperson said. “We believe being able to offer ETFs as a class of a mutual fund will be beneficial for both ETF investors and mutual fund investors ..read more