Word: hmc
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...University, the selection of Meyer’s successor is inextricably linked to the question of whether Harvard should continue its unique in-house management structure, one in which HMC invests a substantial portion of Harvard’s money itself...
While HMC’s internal structure affords it better control over the risks it takes at a lower price, at times the in-house approach exposes Harvard to searing public scrutiny, and HMC has had difficulty retaining top managers at below-market wages...
After a year under an unusually harsh public spotlight, Meyer announced he would step down in January, taking four other HMC investors—including the two well-paid traders—with...
Without a doubt, Meyer’s departure is the end of an era for HMC...
...While HMC handles its investments with an internal, 175-person staff, most universities and colleges—including Yale, Princeton, and Stanford—largely rely on outside managers to invest their endowments...