February 13, 2017 / 7:51 PM / 5 months ago

MOVES-Harvard adds T. Rowe Price executive to endowment board

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BOSTON, Feb 13 (Reuters) - Harvard University added Brian Rogers, chief investment officer at T. Rowe Price Group Inc , to the board that oversees the investment of its $35.7 billion endowment, the Ivy League school said on Monday.

Rogers joined the 11-member Harvard Management Company board at a critical time, just weeks after the school's investment arm announced sweeping changes in how it invests its money.

Harvard, the country's richest school, said in January that it will abandon its hybrid investment approach where it managed a chunk of the endowment in house. Instead Harvard Management Co will now rely mostly on outside managers and lay off roughly half of its 230-person staff this year.

"I am confident Brian's experience in asset management will be extremely valuable as we develop new investment and risk frameworks to support our new investment model," said Narv Narvekar, chief executive officer at Harvard Management Co.

Rogers earned his undergraduate and business degrees from Harvard.

Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker

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