Harvard Business School's incoming class will have far fewer finance professionals than in previous year and more students will have manufacturing and technology backgrounds, according to the Wall Street Journal.
About 25% of the 919 students in the class of 2013 are from private equity, banking and venture capital, down from 32% last year. Meanwhile students with manufacturing backgrounds jumped to 14% from 9%, and technology rose from 6% to 9%.
Harvard administrators told the Journal that the change reflects a greater quantity of strong applicants from nonfinance industries. The number of applicants from the finance world decreased as recession woes eased, as well, the article states. It goes on to say Harvard denies it admits on quotas, then cites admissions consultants who disagree. About 39% of Harvard's class of 2013 will be female, its highest percentage ever.
Goldman Sachs and Clive Capital are to launch a commodities index aimed at risk-averse institutional investors. [Financial Times]
Allied World Assurance will buy Transatlantic Holdings for $3.2 billion.[NY Times]
The Maple Group-a group of financial firms that is pursuing a $3.7 billion hostile bid for the Toronto Stock Exchange-added four new firms. [DealBook]
The Federal Reserve has proposed reviewing the capital plans of banks with $50 billion or more in assets. [Reuters]
Travelers is slowing its share-buyback program after natural disasters cost the company $1 billion over two months. [WSJ]
New York and Delaware attorneys general are investigating mortgage bundling at Deutsche and BNY Mellon. [NY Times]
BlackRock invests in higher retail profile.[Investment News]