Word: hmc
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Harvard's coffers swelled to roughly $11 billion this year, as Harvard Management Company (HMC), the keeper of the University's endowment, reported returns of 25.8 percent for the fiscal year ending this June...
...HMC is a wholly-owned subsidiary of Harvard charged with managing the University's endowment. While many colleges and universities use independent managers, Harvard runs its own investment firm...
Factoring in this year's numbers brings HMC's five-year returns to 18.9 percent on average, 3.2 percent above the benchmark and 4.9 percent above the average fund...
...anybody to earn anywhere close to what these managers are, performance has to be excellent," says Jack R. Meyer, president of the HMC...
...campus activists are critical of multi-million dollar HMC compensations, particularly at a not-for-profit institution where the president's salary is approximately $250,000 and the average tenured faculty member receives less than half that...