Word: hmc
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Dates: during 2000-2009
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...Although HMC managed about 85 to 90 percent of its funds when Meyer arrived in 1991, through the 1990s it has continually outsourced more funds...
According to Meyer, HMC will likely outsource about half of its investments within a decade, although it’s not part of a “conscious decision...
...when Jacobson left to found Highfields HMC gave him $500 million in capital; likewise when the Harvard Private Capital Group spun off later that year with $1.8 billion in HMC funds to start Charlesbank...
...Former HMC investors have cited a variety of reasons for leaving the firm: the chance to earn more money, the chance to start their own company and the added privacy of the private sector. HMC’s salaries are, for example, public record...
Several sources close to HMC said they were confident the firm could weather the latest defection without losing the great returns the endowment has seen in recent years—especially since Highfields and Charlesbank have done so well investing for the endowment...