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Meyer’s departure is not an isolated event—HMC has been hemorrhaging talent as of late. Meyer took 30 of HMC??s roughly 175 employees with him, and his departure is just the latest in a slew of departures by top managers. The exodus has been spurred by both the high level of scrutiny that HMC faces and the fact that the private sector pays better. Both of these factors have been aggravated in recent years by alumni pressure led by seven members of the Class of 1969 who were outraged that some years...
...understand why compensation is so important, one needn’t look further than where all of HMC??s departing employees are headed: Convexity Capital Management, a hedge fund set to launch in 2006. Lucrative hedge funds usually get a “two and twenty” 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?...
...steal. In fact, Meyer told The Crimson that, for last year’s compensation, Harvard paid out a base fee of .26% plus incentives (positive or negative) on the nearly half of Harvard’s endowment that HMC manages. Given the disparity between the market rate and HMC??s rate—the first nearly double the second, according to Meyer—alumni have no basis for complaining about the salaries paid to HMC??s top talent. Indeed, Harvard should be ready to pay HMC employees even more if that?...
...alumni still complain because Harvard’s non-profit status makes the salaries of HMC??s top brass public. If Harvard managed externally, these prices would be out of sight and out of mind for alumni but not the University’s financial administration. Alumni who lack the information possessed by those making the decisions should resist the temptation to get angry at headlines that blare that “top fund managers net $100 million in fiscal year 2003 payouts” and instead take into account the hidden costs that endowment managers have...
Meyer’s considerably more significant departure—he left with 30 of HMC??s 175 employees, including four top managers—garnered his fund a lesser amount of money...