Word: hmc
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Dates: during 2000-2009
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...Over the past 15 years, HMC has delivered superior investment returns after all fees and expenses paid to our internal and external managers,” wrote Longbrake...
...Former HMC bond manager David R. Mittleman earned $18 million in the fiscal year that ended in June, while his colleague Maurice Samuels earned $16.9 million that year. Both men, along with former HMC President Jack R. Meyer, have since left Harvard to form Convexity Capital Management, a firm which recently set an all-time record for start-up hedge funds by raising $6 billion...
...even with Harvard’s highest-paid managers now gone, disaffection lingers among alumni who believe that HMC salaries are too high...
...What Harvard pays fund managers is unnecessary, inappropriate, and contrary to the values of a great university,” said author and playwright William A. Strauss ’69, an outspoken critic of the HMC compensation structure. “The amount they are paying these individuals is enough that you could take some of that money and have a tuition freeze, to substantially reduce the debt burden on students from middle and working class families...
...Swensen’s Yale fund has outperformed HMC by 0.5 percentage points per year since 1990, according to Bloomberg News...