Word: hmc
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...investors at the Harvard Mangement Company (HMC), whose double-digit returns over the past decade have consistently outpaced the rest of higher education, may be unmitigated stars in their field...
...wealthy can’t get away with. Martha Stewart and the boys at Enron learned that the hard way. So this spring, Harvard decided to take it down a few notches in our own back-Yard with compensation caps for the board of the Harvard Management Company (HMC) and increased aid for low-income students. But it has not done enough...
...perhaps a dirty chimney or two—to over $107.5 million. Vocal objections from the class of 1969 followed, and were amplified by their upcoming reunion and their financial leverage—coveted contributions to the $19 billion cause that is Harvard’s endowment. The HMC, the in-house “not-for-profit” that has handled the University’s lucrative investments since 1974, proceeded to realize the error of its ways, and announced the (as-yet-unspecified) caps on its top managers’ earnings...
University President Lawrence H. Summers likes to claim that the priority here is on creating an environment that ensures academic excellence. If this were really the case, HMC would be putting more than the 4 percent (initially 2 percent) payout pittance into University funding this year. Budget cuts in already-limited student services would be the last thing on administrators’ minds. And $107.5 million certainly would not be going to those whose only job is to further fatten the company’s coffers...
...30th Treasurer in the University’s history, Rothenberg will also chair the board of directors of the Harvard Management Company (HMC), which will substantially lower and cap salary compensation of its top fund managers next year, after many alumni complained that the University overpaid its endowment managers...