Word: hmc
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Harvard Management Corporation (HMC), the entity responsible for the investment of the University's nearly $7 billion endowment, appears to be materially out of step with the way Harvard usually conducts its business. Some example, listed below, show this divergence...
...HMC is not subjected to Visiting Committee oversight unlike other members of the Harvard family. In other words, HMC has none of the periodic meetings with whom the legal folks call "disinterested" persons who are charged with asking probing and possibly awkward questions...
...HMC instead has a Board of Directors of 11 members--far smaller than a Visiting Committee. The Board consists of six officers of the University of HMC, two members of the University's governing board (the Corporation) and three from the financial community...
...HMC has an aroma of conflict of interest which is never the case with the Visiting Committees. One of the directors of HMC has long been connected with a major securities firm with which HMC has long done business. A previous director was co-Senior Partner of the investment banking firm which sold many hundreds of millions of Harvard bonds as well as conducted an active stock brokerage business...
...business appeared to be thriving," saidthe source, who is familiar with HMC. "To behonest the liquidation is pretty shocking. I couldspeculate on reasons why, but I really have noidea...