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More changes are afoot at Harvard University’s $37.6 billion endowment, which is in flux following an unexpected medical leave taken last month by chief executive Stephen Blyth.

The nation’s largest college fund plans to shift all of its remaining US stock investments to outside managers, according to an internal e-mail obtained Monday by the Globe.

Mike Ryan, who is in charge of those investments as part of his job as head of public markets and absolute return strategies, will leave Boston-based Harvard Management Co., which oversees the endowment, according to the e-mail.

An undisclosed number of equity group employees will be cut.


Harvard Management declined to disclose the amount of assets involved in the move, but it is certainly in the billions of dollars. The fund sets a target range of 6 percent to 16 percent of assets in US equities.

Emerging markets equities and some equity hedging will continue to be handled internally, according to the e-mail, which was sent by Robert Ettl, the endowment’s operating chief who is standing in for Blyth.

“We continuously evaluate how we can best allocate capital and leverage HMC’s comparative advantages to maximize performance over the long-term,’’ Harvard Management spokesman Lex Suvanto said in a statement.

Rene Canezin, head of fixed income, credit, and commodities, will also now oversee the remaining public equities portfolio. The endowment will begin a search for a new head of absolute return (or hedge strategies) and public markets funds. In the interim, Elise McDonald, managing director, portfolio strategy, will oversee that team.

Blyth, the chief executive, in late May announced he would take an indefinite medical leave. A quantitative-oriented manager, he has been taking steps to overhaul the fund and its performance since taking over in 2015.

He has said he would shift more assets to outside firms to manage, including equities, if the internal staff could not produce stronger results.


A number of ranking executives have left in the past year, as well as other staff.

Beth Healy can be reached at beth.healy@globe.com. Follow her on Twitter @HealyBeth.