Word: hmc
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Though the University’s endowment dipped, Harvard’s top five money managers earned $15 million more last year than the year before, according to figures released yesterday by the Harvard Management Company (HMC...
Salaries reflect the performance of money managers over several years compared to the market averages, or benchmarks, that HMC uses to judge the endowment’s performance. Over the last decade, Harvard’s endowment has surpassed its peers and outperformed its benchmarks...
Consistently outperforming other investments and financial indexes, as HMC’s portfolio has done the last three years, explains why top managers earn such large salaries even in hard economic times, HMC President Jack Meyer said...
Despite its efforts to strengthen the company, HMC decided to sell most of its Harken shares in 1993 to Cabot Oil and Gas Corporation after the stock prices began to increase...
Meyer maintains that the stock price rise was generated by the rising oil prices, and that it is normal for HMC to sell stock after the price rises...