Word: hmc
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...steep salaries come in a year when the management company was outperformed by most of the nation's colleges and universities, and follow several years of low returns. HMC earned a return of 11.8 percent on the University's $5.1 billion endowment last year...
...high compensation and low returns have drawn growing criticism of HMC by several Harvard alumni, themselves successful investment managers...
...addition, members of Harvard's Faculty Council met with Meyer earlier this year to discuss HMC's performance and compensation structure...
...HMC president restructured the company's compensation system in 1990. Several observers had said the old system allowed the company's employees to earn large bonuses based on unrealized gains...
...fiscal 1989, HMC officials Scott M. Sperling and Michael Eisenson, managing partners of the company's high-risk Aeneas Group, became the first HMC employees to clear the million dollar mark, earning $1,018,697.66 each. Two years later, the Aeneas portfolio was marked down by nearly $200 million, more than 20 percent of its total worth...