Harvard watchdog – Trading below value

Harvard Management Co., a normally low-key firm that manages the $18 billion endowment for Harvard University, is taking the unusual step of trying to remove the investment advisor for the Asia Tigers Fund, the Boston Business Journal reported Oct. 31.

Harvard Management, which owns the biggest stake in Asia Tigers, 27 percent, told the federal Securities and Exchange Commission it will ask shareholders to end Asia Tigers’ management contract with Advantage Advisers, a subsidiary of CIBC World Markets Corp., which is a divison of the Canadian Imperial Bank of Commerce, the Journal said.

It said the endowment management is upset that Asia Tigers’ shares are trading at 22 percent blow the net value of the fund’s investments.

For full story, go to Boston Business Journal.

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