Harvard Management Co oversees the United States’ largest endowment.

The Wall Street Journal has reported citing sources familiar with the matter at hand that Harvard University’s investment arm is likely to outsource the management of its $35.7 billion endowment and lay off 230 members of its staff.

Additionally, WSJ has reported citing a source that Harvard Management Co, which oversees the United States’ largest endowment, will close its internal hedge funds and lay off traders by mid-2017, followed by other layoffs at the end of the year.

These sweeping changes is part of N.P. Narvekar’s new management plans. Narvekar is Harvard Management Co’s endowment chief, said WSJ.

When asked to respond to requests for comments, Harvard Management Co did not immediately respond to requests for comments.

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Tags: employees, endowment, Harvard Management Co, internal hedge funds, layoff traders, management, N.P. Narvekar, oversee, restructuring, United States