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Harvard will wait for Meyer’s replacement, Pacific Investment Management Company Chief of Emerging Markets Debt Mohamed A. El-Erian, to commit money.* [SEE CORRECTION BELOW.] El-Erian will begin work at Harvard Management Company (HMC) in the middle of this month...
...When Mr. El-Erian arrives he will assess the current portfolio and in consultation with the HMC Board make any adjustments he deems necessary,” Longbrake wrote...
...salaries of Harvard’s top money managers declined in their last full year of work before they left to form their own fund. Former bond managers David R. Mittelman and Maurice Samuels were paid $18 million and $16.9 million, respectively, for their work at Harvard Management Company (HMC), which invests the endowment. Jack R. Meyer, the firm’s former president, received $6 million for the fiscal year that ended June 30, 2005. The University disclosed the salaries on Dec. 21, the first day of winter break for undergraduates. The performance-based salaries dropped off from past...
Managers at HMC receive a base salary of $400,000 and a bonus that is tied to how their portfolio performs relative to a benchmark measuring market performance. The system also includes a "clawback" provision, which withholds part of the earnings dependent on future returns...
...board has discussed this issue, and the board is completely committed to continuing to provide compensation for outstanding performance at HMC at levels that will enable us to attract the most talented people,” Summers said in an interview in October...