Word: hmc
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...University came to have such staggeringly deep pockets—nearly twice the size of second-place Yale—is the story of one of the University’s least-known sectors—the Harvard Management Company (HMC...
...HMC is unique to Harvard for its mission: It makes money. Its only task is to give the University the maximum return on its investments—a task that has by all accounts met with wild success since HMC’s inception...
...HMC was born out of Harvard’s decision in the early 1970’s that it needed a radical change in its investment strategy, after a decade of stagnating returns when the growth of Harvard’s endowment barely kept pace with inflation, growing only about 25 percent...
...does take scale, and there aren’t a lot of universities that have endowments large enough to make [internal management] work,” says former HMC investment manager Scott Sperling...
...HMC President Jack Meyer declined comment, referring questions to Elizabeth A. Gray, secretary to the Corporation's Committee on Shareholder Responsibility. Gray was unavailable for comment...