Word: hmc
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Harvard Management Company (HMC) has long been a clandestine organization. Though it manages Harvard’s $34.9 billion endowment and its annual returns are announced each year in a closely-watched press release, HMC’s portfolio, trades, and practices are generally shrouded in secrecy...
Thanks to Mohammed A. El-Erian, HMC’s soon-departing president and CEO, HMC has been making a concerted effort to be more open. In a letter to investors two months ago, El-Erian wrote that “many of you have told us that […] we should nonetheless be more transparent about HMC’s structure, activities, and governance. We agree.” A main component of El-Erian’s program is hmc.harvard.edu, a Web site—HMC’s first—launched in September. Given...
Indeed, it would be hard to argue that new site improves the relationship between the University community and HMC. It touts the achievements of HMC, which are indeed impressive. Several tables and charts allow users to understand HMC’s profits. There is even a bare bones organizational chart which shows the seven subunits of HMC, in case you wanted to know that HMC has its own internal IT department. Yet crucial information about HMC’s structure and investments is notably absent...
Before taking the reins of HMC, El-Erian had been a managing director at PIMCO, where he was widely expected to succeed William S. Thompson, Jr. as CEO. His position upon his return will be co-Chief Executive Officer and co-Chief Information Officer, seemingly solidifying his status as heir-apparent. In a statement released yesterday, both Thompson and PIMCO CIO William H. Gross said they have no plans to step down. [SEE CORRECTION BELOW...
CORRECTION: The Sept. 12 news article "HMC Chief Steps Down" gave the wrong name for the executive at Pacific Investment Management Company (PIMCO) that Mohamed A. El-Erian, president and CEO of Harvard Management Company, was expected to succeed if he had not come to Harvard. The executive was Bill Gross, founder of PIMCO and manager of the company's bond fund—not William S. Thompson, the company...