Word: hmc
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Dates: during 2000-2009
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After fifteen years at the helm of the Harvard Management Company (HMC), Meyer is bequeathing his successor an endowment that makes Harvard the second wealthiest nonprofit in the world, with a net worth larger than some countries...
...University, the selection of Meyer’s successor is inextricably linked to the question of whether Harvard should continue its unique in-house management structure, one in which HMC invests a substantial portion of Harvard’s money itself...
While HMC’s internal structure affords it better control over the risks it takes at a lower price, at times the in-house approach exposes Harvard to searing public scrutiny, and HMC has had difficulty retaining top managers at below-market wages...
After a year under an unusually harsh public spotlight, Meyer announced he would step down in January, taking four other HMC investors—including the two well-paid traders—with...
...Over that period of time, I probably made less money than I would have in the profit sector [but] I thought it was an important thing to do for the University,” he says. “Stanford and Princeton both created management companies after the HMC model was in place...