Word: hmc
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Dates: during 2000-2009
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Harvard Management Company (HMC) has long been a clandestine organization. Though it manages Harvard’s $34.9 billion endowment and its annual returns are announced each year in a closely-watched press release, HMC’s portfolio, trades, and practices are generally shrouded in secrecy...
Thanks to Mohammed A. El-Erian, HMC’s soon-departing president and CEO, HMC has been making a concerted effort to be more open. In a letter to investors two months ago, El-Erian wrote that “many of you have told us that […] we should nonetheless be more transparent about HMC’s structure, activities, and governance. We agree.” A main component of El-Erian’s program is hmc.harvard.edu, a Web site—HMC’s first—launched in September. Given...
...will be a top institutional priority to do all we can to ensure that HMC continues to deliver superior investment returns—with a focus on advancing Harvard’s educational mission and with the knowledge that generations of alumni and friends have contributed generously to the resources we have the privilege to invest,” Faust said in the statement...
Before taking the reins of HMC, El-Erian had been a managing director at PIMCO, where he was widely expected to succeed William S. Thompson, Jr. as CEO. His position upon his return will be co-Chief Executive Officer and co-Chief Information Officer, seemingly solidifying his status as heir-apparent. In a statement released yesterday, both Thompson and PIMCO CIO William H. Gross said they have no plans to step down. [SEE CORRECTION BELOW...
CORRECTION: The Sept. 12 news article "HMC Chief Steps Down" gave the wrong name for the executive at Pacific Investment Management Company (PIMCO) that Mohamed A. El-Erian, president and CEO of Harvard Management Company, was expected to succeed if he had not come to Harvard. The executive was Bill Gross, founder of PIMCO and manager of the company's bond fund—not William S. Thompson, the company...