Harvard's endowment grows to nearly $37 billion

Fri Sep 12, 2008 12:43 PM EDT

business, harvard, harvard-university, endowment

CAMBRIDGE — Harvard University's endowment has survived market turbulence and a transition in leadership to grow to nearly $37 billion in the recently completed fiscal year.

The nation's wealthiest university announced Friday that its endowment earned an 8.6 percent return during the fiscal year ending June 30 to reach $36.9 billion.

Harvard Management Co., the quasi-independent agency that oversees the endowment, underwent a change of leadership, when President Mohamed El-Erian stepped down last December and Harvard Business School professor Robert Kaplan took over on an interim basis.

Jane Mendillo took over as the new president on July 1.

The university funded about a third of its operating budget and provided $321 million in aid to students last year from the endowment.

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