Word: compensationitis
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The president of the Harvard Management Company left open yesterday the possibility of moving to external administration of the University’s multibillion-dollar endowment in order to quell growing criticism of fund-manager compensation rates.
Meyer said last month that the management company board had lowered the cap on fund-manager compensation, and University President Lawrence H. Summers said the cap would prevent payouts on the magnitude of last fiscal year.
“It could be that we will eventually move to the same external system that other schools use,” Meyer said. But he said external management would not lower costs and would only sweep the compensation issue under the rug since fund managers detached from non...
Meyer has argued that the departure of Larson and other managers indicates they are not overpaid, and he staunchly defended Harvard’s compensation formula again last night.
In a moment of what appeared to be uncharacteristic frustration, Meyer said he would have the best job in the world, if not for the fury over compensation.