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N.P. Narvekar Appointed CEO of Harvard Management Company

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Indian-American N.P. Narvekar has been appointed chief executive of Harvard Management Company.

Indian-American N.P. Narvekar has been appointed chief executive of Harvard Management Company.

CAMBRIDGE, Mass. (Diya TV) — One week after the Harvard Management Company reported continued and devastating losses to the university’s endowment, the University announced that N.P. Narvekar, chief executive officer of Columbia University Investment Management Company, has been appointed president and CEO of HMC, effective December 5.

He succeeds Stephen Blyth, who became president and CEO at the beginning of 2015, but then went on medical leave last May and later resigned.

Narvekar, who has served Columbia in his present capacity since 2002, is credited with improving performance there: according to the Harvard news release, Columbia’s compound annualized rate of return for the 10 years through fiscal 2015 (the latest year reported) was 10.1 percent. For the same period, the Harvard Management Company’s annualized rate of return was 7.6 percent, and for the decade ending last June, it declined further to 5.7 percent.

The University derives about 35 percent of its operating revenue ($1.7 billion for fiscal 2016) from endowment distributions.

Columbia’s financial statement indicates that its endowment, like Harvard’s, is diversified among the kinds of investments with which individuals are familiar (stocks and fixed-income securities), and the illiquid asset classes requiring more sophisticated management that have become common among institutional investors, like endowments and pension funds, with long-term time horizons: private equities, absolute-return (hedge-fund) portfolios, and real assets. The latter three categories accounted for $6.6 billion of the $9.6 billion (68.5 percent) in cash, cash equivalents, and long-term investments listed in Columbia’s June 30, 2015, financial statement. With investment companies becoming more prominent, those who are interested in investing look to places like Stocktrades to help with any investments they might want to make in the future.

According to the University’s news release:

Harvard University today announced that N.P. (Narv) Narvekar has been appointed to the position of president and chief executive officer of Harvard Management Company (“HMC”). Narvekar will assume his role at HMC on December 5, 2016, and will report to HMC’s Board of Directors.

Narvekar was most recently chief executive officer of Columbia University Investment Management Company (“IMC”), a position he held since 2002. In this role, Narvekar was responsible for setting and leading investment strategy for Columbia’s $9-billion endowment portfolio. IMC has delivered annualized returns over the ten-year period through FY 2015 of 10.1%.

“Harvard Management Company plays a critically important role in supporting the students, faculty and staff who advance the teaching and research mission of the university,” said Drew Faust, president of Harvard University. “We are pleased to welcome Narv to Harvard and are confident that his leadership skills and deep experience at the highest levels of investment management will position HMC for long-term success.”

“Narv is a highly successful endowment manager with an outstanding 14 year track record heading a large endowment, providing steady leadership and delivering strong returns,” said Paul Finnegan, chairman of the HMC Board of Directors and a member of the Harvard Corporation, the University’s principal governing board. “He is a superb leader and mentor with a proven ability to recruit, build and retain a talented and committed investment team.”

Narvekar said, “It is an honor to join such a prestigious investment organization and help support the mission of Harvard University. HMC has an unparalleled investment platform among endowments and I look forward to working with the HMC Board and team and using my investment experience to serve Harvard in the most effective way possible.”

Finnegan added, “On behalf of HMC and the University, I want to thank and acknowledge Bob Ettl for his effective and steady hand in leading HMC during the transition. Bob is an important leader within HMC and we are grateful he will continue serving as chief operating officer going forward.”

Before joining Columbia, Narvekar was a managing director in the office of investments at the University of Pennsylvania, where he focused primarily on building the hedge-fund and private-equity portfolios. Prior to this, he held positions at J.P. Morgan & Co. including managing director, equity derivatives group and vice president, private placement advisory group.

Narvekar holds an M.B.A. from The Wharton School of the University of Pennsylvania [1991]and a B.A. in economics from Haverford College [1984].

 

Business

Harvard to host 17th annual India Conference this February

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CAMBRIDGE, Mass. (Diya TV) — For the 17th year in a row, the graduate students at Harvard University will host an India Conference. It will take place during the weekend of February 15-16, 2020. Two days of exciting discussions through panels, mixers and networking will fill the halls of the Harvard Business School and Kennedy School of Government.

The theme for this year’s conference is Foresight 20/20 – a look at what to expect from India in 2020 and beyond. As one of the largest student led conferences in the USA, the Harvard India conference attracts the biggest headliners from every field – from politics, business, entertainment & the arts. And this year is no different.

India Conference
India Conference at Harvard

With more than 100 speakers and 1000 attendees, the conference promises to have something for everyone. This year’s biggest draw from the entertainment genre is veteran Bollywood actor and self proclaimed ambassador to India, Anupam Kher. Kher has a long standing list of accolades within the film industry. In addition to his acting roles, he has been a producer, director and teacher at his own acting school. Most recently he played the role of Dr. Vijay Kapur on NBC’s primetime drama ‘New Amsterdam‘.

Some other notable speakers this year include founder of the India Today Group, Aroon Purie, Indian Olympic athelete Dutee Chand, comedian and actor, Vir Das, partner at Softbanks’ Vision Fund Lydia Jett & politician and India’s ruling party (BJP)’s sherpa to the G20, Suresh Prabhu.

The harsh winter in Harvard doesn’t seem slow down or dull these brilliant minds in any way. The India Conference at Harvard continues to retain its standing as the conference of choice for deliberating issues ranging from technology, media, politics and eduction to creating solutions for India’s path towards global leadership. The event features brainstorming sessions and sincere discussions on the very real and large scale problems that are uniquely Indian.

Diya TV is a media sponsor to the event and will be on-site covering conference. To receive a 20% discount use code RDAY20 here and to know more about the conference or speakers, head to the IndiaConference.com

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Indian Ambassador, Shringla speaks to U.S. Congress about Kashmir

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AMB. Shringla speaks to congress about Kashmir | Diya TV News

WASHINGTON (Diya TV)  — Indian Ambassador to the U.S. Harsh Shringla met with members of Congress at a private roundtable briefing, hosted by Southern California Congressman Brad Sherman. Sherman, who has been a supporter of India, took to Twitter recently to share his concerns about Kashmir and said serious questions about Kashmir were asked at the briefing.

President Trump is being urged to fix the H1-B visa process and do away with country-specific limits, with the latest effort for reform being spearheaded by 60 U.S. business school deans and CEO’s.

In an earthquake, seconds matter. So on the anniversary of the deadly 1989 Loma Prieta earthquake that rocked Northern California, state officials announced the launch of America’s first statewide earthquake early warning system.

Tabla Maestro Zakir Hussain will be coming to Boston next month to perform at the Berklee India Exchange, where he will also be conferred with an honorary doctorate by the esteemed music school. A Zakir Hussain Scholarship at Berklee is also being established.

And we have incredible video of three kids from India rescuing their dog from a snake that’s equal parts courageous and nuts.

Ravi Kapur contributed to this report.

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Federal Court rules Trump must turn over tax returns | Diya TV News

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Trump Tax Returns

NEW YORK (Diya TV) — A federal judge ruled President Trump must turn over eight years of his personal and corporate tax returns to Manhattan prosecutors, striking down the President’s argument that a sitting president cannot be criminally investigated. The ruling was quickly appealed and this case could end up in the Supreme Court to answer the constitutional question of whether presidents can be charged with a crime.

Meanwhile, the President celebrated a victory by FCC Chairman Ajit Pai, as a federal appellate court upheld most of the FCC’s repeal of net neutrality. It also ruled the FCC cannot preempt state net neutrality laws, meaning the rules of the road in states like California remain in place.

The U.S. House Foreign Affairs Committee announced their Asia-Pacific and Non-Proliferation Subcommittee will be holding a hearing asking State Department officials and human rights activists to chime in on Human Rights in Kashmir, the Tamils of Sri Lanka, Muslims in Assam and the human rights situation in Pakistan, which includes the Sindh Province.

Lockheed Martin announced they will build F-16 wings exclusively in India, helping in integrating Indian industry into the $165 billion fighter aircraft market.

Ravi Kapur contributed to this report.

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