Harvard Managers Said to Plan Hedge Fund Launch in Q3

Relative value funds seek to profit from price differences between related securities. TPRV is short for Tufnell Park Relative Value, the strategy managed by Toscani and Fantuzzi at Harvard Management. The fund was one of at least nine internal strategies and the best-performing in fiscal 2014, according to a 2015 internal McKinsey report. It was also among the largest in terms of assets.

In 2014, Toscani made $4 million, including a $3.6 million bonus, according to Harvard Management's most recent tax return. Fantuzzi made $3.6 million, including a $3.2 million bonus.

The endowment had two other strategies that used the Tufnell Park name, according to a third person familiar with the matter. Tufnell Park Global Rates was run by Marco Barrozo, who left in 2015 and started Cambridge Square Capital. Tufnell Park Cross Asset was the other strategy.

The Tufnell Park strategies were created by Harvard's former chief executive officer Stephen Blyth, who chose the name based on an area in North London where he grew up, according to this person. Blyth hired Barrozo, Fantuzzi and Toscani.