Summers Joins Investment Group

Former Harvard President Lawrence H. Summers will join a New York-based global investment group as a part-time managing director.

The D. E. Shaw Group announced today that Summers "will be involved on a part-time basis in various strategic initiatives and high-level portfolio management activities."

The group, which has no Boston office, maintains a staff of 1,000 employees worldwide and a portfolio of about $25 billion.

Summers, who now holds the Eliot University Professorship at Harvard, is on a year-long sabbatical. He maintains offices at the Harvard Business School and the Kennedy School of Government.

"This is entirely within the context of the normal outside activities of a Harvard professor," he said in a statement to The Crimson. "It doesn’t represent any change in my status."

Check www.thecrimson.com for updates.