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BOSTON (AP) - Harvard University's riches have surged past $25 billion, the school announced Friday, but the news came amid signs that the world's wealthiest university is struggling to find a permanent CEO for its in-house money management company.
Harvard said that former Morgan Stanley Asset Management president Peter Nadosy will serve as interim chief investment officer of the quasi-independent Harvard Management Company, replacing Jack Meyer, while the search for a permanent successor continues.
Harvard's endowment, now $25.9 billion, exceeds No. 2 Yale's by more than $10 billion and is one-and-a-half-times larger than the market value of General Motors. The endowment functions as a kind of trust fund, kicking in $850 million a year to Harvard's budget.
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