Word: hmc
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Dates: during 2000-2009
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...investors at the Harvard Mangement Company (HMC), whose double-digit returns over the past decade have consistently outpaced the rest of higher education, may be unmitigated stars in their field...
These managers, often former investors at HMC, operate independent funds endowed with Harvard money. Jeff Larson, a top investor at the management company, will become the fifth fund manager in six years to spin off his own fund from the company when he departs on June...
Sowood Capital Management, Larson’s $2-billion hedge fund, will receive an initial investment of $500 million from HMC. Harvard will also invest $200 million in an exclusive commodities fund operated by Larson. All told, the spin-off will place around an additional 3 percent of the University endowment in the hands of an external manager in a trend which shows no signs of abating...
...HMC President Jack R. Meyer spoke more openly this year than ever before about the possibility of moving to entirely external management of the endowment, acknowledging that more fund managers were likely to leave HMC in future years and spin off funds of their...
With 45 percent of the endowment managed outside of Harvard, HMC still controls the majority of its investments. But at a certain point—and Meyer won’t speculate when—the University could be better off disbanding HMC and handing over control of its endowment to managers unaffiliated with the University...