Word: hmcã
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Meyer defends the compensation system but notes that it is less generous than most private sector firms, thus making it harder to attract managers. And HMC??s troubles may only increase with the cap on maximum compensation set by its board in March...
...several-year exodus of fund managers, culminating in the impending departure of Meyer and his partners, has raised questions about the sustainability of Harvard’s in-house management structure—an issue Meyer says is often discussed by HMC??s board...
...subject of HMC??s management strategy has come to a head in the past. The ballooning growth of Harvard’s endowment to surpass $10 billion in 1997, Meyer says, prompted the board to review HMC??s structure to determine whether a restructuring or outsourcing was needed. In the end, Harvard elected to maintain its in-house investment outfit because the board determined that, even with its problems, HMC was still the most practical group to manage the endowment...
...HMC??s new chief could also select the opposite route, driving up the proportion of funds managed in-house...
...while higher, and confidential, pay scales can be found outside of HMC??“I don’t think anyone has left because we’ve paid them too much,” Meyer jokes—he says that the opportunity to start one’s own firm, rather than greater compensation, is the chief reason for managers’ departures...