Word: benchmarksã
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...Harvard paid its fund managers colossal bonuses (over $100 million for the two-year period ending in mid-2002) even when the value of the endowment declined. These bonuses have been based on a committee-contrived formula, never publicly disclosed, that pays bonuses based on performance “benchmarks?? tied to market indices, not actual gains in value. One financial consultant at McGill University wrote us last year arguing that at least one of Harvard’s benchmarks had been chosen because it was notoriously easy to beat. Bottom line: Being a fund manager at Harvard...
...endowment’s performance relative to benchmarks??not its absolute returns—determines compensation of HMC investors...
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