Word: hmc
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When Meyer took the helm of HMC in 1990, about 80 percent of Harvard’s investments were managed in-house. Today, that figure is closer to 50 percent...
...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...
...endowment to surpass $10 billion in 1997, Meyer says, prompted the board to review HMC’s structure to determine whether a restructuring or outsourcing was needed. In the end, Harvard elected to maintain its in-house investment outfit because the board determined that, even with its problems, HMC was still the most practical group to manage the endowment...
...January letter to alumni, Rothenberg, the steering committee’s chair, called the transition a time to “reflect on aspects of the distinctive investment model” that HMC has put to work for Harvard...
...Harvard certainly should retain, at a minimum, many elements of the system Jack has created,” says Jeffrey B. Larson, a former HMC manager who left to start his own hedge fund...