Word: hmc
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Dates: during 2000-2009
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...think the endowment actually offers a higher rate of return for the same amount of risk,” said Jack Meyer, president of Harvard Management Company (HMC), which invests the endowment...
...Looking ahead into the future, I think it is logical to say the endowment will do better than an index fund, but it’s not certain,” said David W. Scudder ’57, vice president of trusts for HMC...
Bennett’s original $4-million gift, financed by the sale of his antique automobile collection in 1991, was placed in an HMC-managed charitable remainder unitrust, which pays a donor a fixed percentage of the trust each year for the rest of the donor’s life. Bennett was slated to receive five percent of the trust annually, with the entire trust going to Harvard upon his death...
...Bennett, 65, said he consistently received less than five percent each year, and the trust grew to just $5.1 million by 1999. When Bennett raised questions at that time, the HMC resigned as the manager of his trust. Morgan Stanley took over the management of the trust, though Harvard remains the beneficiary...
...HMC President Jack Meyer declined to comment on Bennett’s claims yesterday...