After just 18 months at the helm of Harvard’s massive $37.6 billion endowment fund, Stephen Blyth has stepped down for “personal reasons,” Chief Investment Officer magazine, Bloomberg and others reported Wednesday.
Blyth, whom Bloomberg says has been on medical leave since the end of May for undisclosed reasons, departs the investment arm of the university with the biggest endowment in America, which has failed to keep up with the performance of second-ranked Yale.
Over the past five-year period, Bloomberg says, Harvard Management Co. has posted a growth rate of 10.5 percent vs. 14 percent for Yale.
In April, The Wall Street Journal said Yale’s venture capital portfolio, which includes Uber and Airbnb, has earned 92.5 percent per year over the past 20 years.
The Journal pegged the value of Yale’s endowment at $25.6 billion. The next-richest schools are the University of Texas, Princeton and Stanford.