Word: endowmentã
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...shape of the House. Hours of work from individual Lowellians saved thousands of dollars. The treasurer haggled with vendors and worked with other HoCos to get group discounts that slashed thousands of dollars from our costs on lighting and tents. None of these touches tapped into an endowment??all were donations of time, labor, and love by an engaged community and its volunteer HoCo...
...where Harvard is free to pay managers less than a profit-driven institution would, but enough to attract talent like El-Erian. As a final benefit, we are pleased to note that El-Erian will be teaching at HBS starting next year. This opportunity to teach capitalizes upon the endowment??s internal management of some of its money, which is not available to some institutions—like Yale—that manage their whole endowments externally. This dessert is a welcome addition to an already satisfying meal. Anyone replacing Jack R. Meyer, the highly successful former...
...interview today, El-Erian called his future task of managing the University’s coffers a "truly unique opportunity" and said he looks forward to maintaining the endowment??s position as the largest in higher education...
...cut—two percent of the amount invested in the fund goes to management fees every year plus 20 percent of the returns. For a $25.9 billion dollar hedge fund that grew at 19.2 percent last year—the equivalent of Harvard’s endowment??that would amount to almost half a billion dollars in management fees plus almost a billion dollars of Harvard’s nearly five billion dollar profit...
Keeping part of the endowment internally managed is important not just because of savings on management fees. A “hybrid” endowment??one managed both internally and externally—allows Harvard to reap returns from areas that endowments piecemealed out to hedge funds can’t touch. Harvard can also make moral decisions with its internal money, like it did last year when the Harvard Corporation directed HMC to divest from PetroChina. By speaking out against “high” salaries at HMC, members of the Class of 1969 are effectively...