Word: hmc
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Dates: during 2000-2009
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...University came to have such staggeringly deep pockets—nearly twice the size of second-place Yale—is the story of one of the University’s least-known sectors—the Harvard Management Company (HMC...
...HMC is unique to Harvard for its mission: It makes money. Its only task is to give the University the maximum return on its investments—a task that has by all accounts met with wild success since HMC’s inception...
...HMC was born out of Harvard’s decision in the early 1970’s that it needed a radical change in its investment strategy, after a decade of stagnating returns when the growth of Harvard’s endowment barely kept pace with inflation, growing only about 25 percent...
...HMC President Jack Meyer declined comment, referring questions to Elizabeth A. Gray, secretary to the Corporation's Committee on Shareholder Responsibility. Gray was unavailable for comment...
costs to about half of the cost of outside management. As a nonprofit subsidiary of Harvard, HMC is required to report the compensations of its five highest-paid employees, whereas nonprofits that use outside investment managers do not have to report the salaries of the individual managers overseeing their funds...