Harvard University named Columbia University investment chief NP Narvekar as the new head of the world’s largest college endowment.

The 54-year-old Narvekar has led Columbia's endowment since 2002 and notched an annualised 10.1% return for the 10 years ending in June 2015, tied for best among Ivy League schools. He will start December 5 and become the fourth chief executive in the last decade for Harvard Management Co.