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While other funds struggle through the mortgage crisis, a hedge fund founded by former Harvard Management Co. CEO Jack R. Meyer is flourishing.

Meyer and former Harvard colleagues run Convexity Capital Management, which makes trading bets that benefit from volatility. The fund, started last year, had disappointing results initially, but the current crunch brought a turnaround.

During his 15 years with Harvard, Meyer provided impressive gains for the university endowment. Harvard reported last week that its endowment grew 23% to $34.9 billion in the fiscal year ending June 30.

On the web
In Volatility, Redemption for Manager – New York Times
$tellar Swan Song – Harvard Magazine
Harvard endowment has 7-year best, hits $34.9b – Boston Globe

The Washington Post had a good profile yesterday of Timothy Geithner, president of the Federal Reserve Bank of New York, who is “facing his first big test as point man between the powerful global firms in the world’s financial capital and the policymakers who oversee them from Washington.”

The Post says Geithner is a strong crisis manager. During the turmoil in the debt markets, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson Jr. have been in touch with Geithner regularly.

Geithner, 46, assumed his current position in November 2003. For years, the Post says, he was Wall Street’s “worrier in chief,” warning about the risks of new financial products, such as derivatives, and lending practices.

Now, he’s trying to help contain the mess they caused.

On the web
Man in the Middle – Washington Post

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