Word: erian
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...Erian told The Crimson that Harvard will “rebuild and reinvent” HMC rather than move to an external management structure...
...Erian says the consensus fell in favor of the current system, noting that by his numbers, external management would be two to three times as expensive as an internal approach...
...went back and questioned everything from first principles because we had the obligation to do so,” says El-Erian. “We would rebuild it with the same hybrid model”—a mix of internal and external management—”because it is so potent in terms of delivering returns...
...right thing for Harvard is to maximize the return on the endowment using its attributes—there is no reason why we should outsource a triple-A balance sheet,” says El-Erian. “And we have the best operations in place, the best risk management in place, the best technology in place. It’s just waiting for the portfolio managers to come...
...Erian says HMC’s compensation structure will not change...