Word: hmc
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...With HMC, Harvard gets better results with lower costs,” Daniel says...
...Meyer’s changes paid off during his first three years as HMC president, and in 1993, the endowment returned 16.7 percent...
...HMC reported that the endowment had grown to $10.8 billion, returning 26 percent in a year when the industry average was 17.6 percent for other large institutional funds...
...this point, Meyer says HMC began a discussion about whether the endowment had outgrown HMC and whether parts of the endowment should be outsourced. There was even discussion of breaking up HMC entirely in separate smaller firms...
...fact, Harvard officials estimate that HMC is only about half as expensive as hiring outside money managers...