Word: hmc
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...Erian, who has led HMC for almost two years, said in September that he would step down at the end of this year to co-head his former company, PIMCO. According to University spokesman John D. Longbrake, Kaplan's early start will "ensure a smooth transition while Kaplan completes his teaching responsibilities this semester...
...Erian took the helm of HMC after the departure of Jack R. Meyer and more than 30 other HMC employees in late 2005. In fiscal year 2007, El-Erian's only full year as HMC president, Harvard's investments earned returns of 23 percent...
Appointing an interim CEO two months into the search process could be an indication that the search committee–comprised of the twelve members of HMC's Board of Directors–is concerned about finding a full-time replacement before El-Erian departs...
This veil of secrecy, however, is to some extent a necessity because openness could hurt the bottom line. If other investors knew how HMC was making its money, they could make the same investments, bidding up asset prices and cutting into its returns. Its techniques would also be laid bare for others to imitate...
Given the existence of these disclosures, putting more information about Harvard’s investments derived from the public disclosures on HMC’s website would improve the Harvard communities’ trust of HMC without diminishing its financial edge. Consequently, we hope it revamps the site again in a way that consolidates specific investment and structural information in a readable format. Doing so would create real transparency, not just a pretty Web site...