Something Strange Happened: Harvard Appointed a Woman

I think I’ve talked in the past about the dearth of women as hedge fund managers. If I didn’t, then I’ll do a quick recap for you.

Women only make up 5% of all hedge fund managers.

A few months ago, when Warren Buffett was on CNBC, anchor Becky Quick asked him if any women were on the “short-list” for the top jobs at Berkshire Hathaway (those that would be in charge of investing the money.)

Nope. No women there.

No one should be surprised. Women are clearly in the minority in the investing world.

That’s what makes the announcement out of Harvard so encouraging.

Yesterday, they appointed Jane Mendillo, 49, as Chief Executive Officer of Harvard Management Co. She’ll be in charge of investing $34.9 billion. It’s the largest University endowment in the nation.

The job is widely regarded as among the most prestigious in fund management.

Ms. Mendillo who has two Yale degrees, including an MBA, has run Wellsley College’s investment fund since 2003. The fund has risen from $1 billion to $1.7 billion during her tenure (including gifts etc.) It has returned 13.5% after fees during that time.

From Bloomberg:

“She has the reputation as a savvy investor and she has 15 years of history with Harvard,” Harvard Treasurer James Rothenberg said in a telephone interview. “She has a great set of skills that we need. She has been involved for quite some time with asset allocations and endowments, and she has a real passion for the work that universities do.”

But apparently, women are making inroads among University endowments. From the NYTimes:

Ms. Mendillo, who was appointed after a six-month search, joins a growing number of women who are running some of the nation’s largest university endowments. Ten years ago, just 2 of the nation’s 25 largest endowments were run by women. With Ms. Mendillo’s appointment, that number has jumped to six. After appointing Drew G. Faust as president last year, Harvard now has women serving in two prominent posts.

That’s 24% women, which is certainly an improvement.

Maybe Ms. Mendillo will change some perceptions about women and investing. We hope so.