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Dec 12 2007 3:00PM EST

Did Arminio Fraga Turn Down the Harvard Endowment Job?

The Harvard Management Company, under the interim leadership of Robert Kaplan, is looking for a permanent replacement for the departing Mohamed El-Erian. In the meantime, it's taking a 12.5% stake in Gávea, the hedge fund run by former Soros fund manager and Brazilian central banker Armínio Fraga. (I can't find an English-language report on this, but here's one in Portugese.)

I believe that HMC has been an investor in Fraga's fund for some time, but this investment clearly brings the two institutions much closer together. My guess is that HMC asked Fraga if he'd be interested in taking over from El-Erian (Fraga would be a magnificent replacement), and Fraga said he wasn't interested in leaving Rio and moving to Boston (which is entirely understandable). But talks were friendly enough that the strategic 12.5% investment ended up being negotiated instead.

Of course, this is all utter speculation. But what else are blogs for?

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