But Meyer says he cannot let his enthusiasm for getting involved with the University take time away from the serious work he has to accomplish at HMC.

After nearly a year without a stable sense of direction, administrators say, HMC needs to be put back on track. The investment returns during the past year have been inconsistent and increasing national concern about the economy has created some anxiety.

"There has been a lot of uncertainty and a lot of tension at Harvard Management over the past year," Meyer says. "One year is a long period to go without having the [leadership] issue clarified.

"Some of that uncertainty and tension still remains--it's going to take a number of months before it dissipates. Again, something for me to work on," Meyer says.

Other University administrators say they have no doubt that Meyer can ease the tensions within HMC ranks.

"The uncertainty is related to facing a year without a new president," Scott says. "Uncertainty goes away the day Jack arrives on the job."

But Meyer's arrival has, in some ways, brought a new kind of uncertainty to HMC. All negative economic trends aside, some of Meyer's employees are worried about what the future will hold for the company.

As the largest institution of its kind in the country, HMC has traditionally had a high level of direct control over Harvard's endowment. With a huge staff of money managers, the company has functioned very much like a Wall Street firm and has not often turned to outside sources for investment help.

But in several interviews since his appointment, Meyer has hinted that he may rely on increased outside management to run the endowment more efficiently.

"People know that when I was at Rockefeller, we had a very small staff of seven," Meyer says. "So I come here and they say `AHA! It's going from 120 down to seven.' That is not so at all. People are constantly putting words in my mouth about external management."

But, the new manager adds: "There may or not be more external management a year from now. I'm not making that forecast."

Meyer does acknowledge that he is actively investigating the possibility of outside help, and there could be "a decline in staff," even at senior levels. The only asset class Meyer says he will not consider moving outside HMC is the complex, and very risky, trading strategy portfolio--an area requiring hands-on management.

"I suspect, to the extent that we do trading strategies, it will remain internal," Meyer says. "But everything else, we're looking at with fresh eyes."

In the meantime, Meyer seems to be enjoying the authority of his new position--with more funds and more money managers at his disposal than ever before. For now, he even talks of increasing the number of senior HMC "partners" from 12 to 14.

"It's much what I expected," Meyer says. "It's a complicated place with lots of talented people, and lots of interesting things to work with."