CAMBRIDGE, Mass. (AP) — Harvard University is turning to an insider to manage its largest-in-the nation endowment.

The university has announced that Stephen Blyth will take over as president and CEO of Harvard Management Co., which oversees the $34.6 billion endowment.

Since 2006, Blyth has been HMC’s managing director and head of public markets, responsible for investments in public equity, credit, and fixed-income markets. He also has a doctorate in statistics from Harvard.

Blyth takes over from Jane Mendillo on Jan. 1.

Mendillo and her predecessor, Mohamed El-Erian, were hired from outside HMC.

The chairman of the HMC board of directors says Blyth was selected after a nationwide search.

Blyth called his appointment an “honor” and said he could “think of few nobler missions in investment management” than leading HMC.

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