Harvard University is considering at least two candidates to run its endowment as the world’s wealthiest school rethinks how it manages its money.

Once the envy of the investment world, Harvard's $38 billion endowment is reeling from a series of leadership shake-ups and disappointing returns. Its last chief executive, Stephen Blyth, left in July after 18 months. The pressure of the position contributed to Blyth's exit, said people close to the situation.