JIM Reid, the Deutsche Bank strategist, has just started to cover equities as well as government debt.
The plan is that it should be run like a pension fund, investing in equities as well as bonds.
Two giant private real estate developers, Related Companies and Sterling Equities, as well as the owners of the New York Mets, were behind the project.
It is the world's second-largest net creditor after Japan (the net credit position takes account of equities as well as debt).
Billions are flowing into clean energy, energy efficiency and other low-carbon investments through direct investments, themed funds (such as clean energy, green property and sustainable agriculture), listed equities as well as the rapid rise in green bonds.
In a gloomy analysis, the US asset manager said a decision to leave the EU would also hit the pound and UK equities, as well as damaging Britain's financial industry, the London property market and the fashion industry.
All money invested on behalf of newborns will go into equities, as will 45percentt of the money invested for 16-year-olds, and 35percentt for students 22 or older.
At the end of fiscal 2008 in June, Harvard had 12percentt in domestic stocks and a similar amount in foreign equities as well as 10percentt in emerging markets.
Research by Morgan Stanley and Oliver Wyman shows that growth in investment banking in particular is closely correlated with rises in global GDP and equities, as well as with a steepening yield curve.
Another reason for holding Chinese equities, as well as Chinese properties, he reasons: currency exposure.
Economic indicators are being side-stepped with a lack of selling in equities as well as the bond market.
