Harvard’s endowment CEO disappointed with 8.1 percent gain

FILE - In this March 7, 2017 file photo, rowers paddle along the Charles River past the Harvard College campus in Cambridge, Mass. In a Wednesday, July 12, 2017 recommendation, a Harvard University faculty committee proposed in a a ban on all student fraternities, sororities and single-gender clubs. The proposal would take effect for incoming freshmen in 2018. (AP Photo/Charles Krupa, File)
–Charles Krupa / AP, File

CAMBRIDGE, Mass. (AP) — The chief of Harvard University’s endowment says he’s disappointed with the school’s latest investment results.

An annual report released Tuesday says the nation’s largest endowment posted an investment return of 8.1 percent in fiscal year 2017, reaching a value of $37.1 billion.

It’s a strong improvement over the endowment’s 2 percent loss last year but falls short of gains recently reported by other major schools.

Harvard endowment chief N.P. Narvekar says in his report that the performance is “disappointing and not where it needs to be.”

Narvekar says he’s fixing “deep structural problems” that have persisted since he was hired from Columbia University last year and that his changes will improve performance.

Endowments at the Massachusetts Institute of Technology and Dartmouth College have reported gains topping 14 percent for 2017.