Word: mackay
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...rationale for letting small firms control some of the portfolio is that no organization, not even Harvard, knows everything, so the portfolio benefits from having several different firms, with presumably different investment strategies, making decions. The independence of the smaller firms can cause problems, however, as when Mackay Shields, a New York investment company, bought $800,000 worth of stock in Citibank and Manufacturers Hanover Trust in 1976. The two banks are among the handful of major U.S. banks that loan money to the South African government and help South African get loans from other countries. Shields sold the bank...
...Mackay Shields Financial Corporation, the investment firm that bought the Citicorp and Manufacturer's Hanover stock in 1976 and recently sold it, seems to have been unaware of the importance on campus of the divestiture issue. While Shields and the four other independent firms helping to manage Harvard's investments only control about 10 per cent of the portfolio, it is irresponsible for Harvard to let anyone make University investment decisions without considering the social implications of those decisions...
...MacKay Shields Financial Corporation, the investment firm that controls a segment of Harvard's portfolio including the Citicorp and Manufacturer's Hanover stock in question, told the University last week it was selling those particular stocks as part of a $1.6 million changeover to investments with greater and faster growth potential. Walter M. Cabot '55, deputy treasurer of the University, relayed that information to the Advisory Committee on Shareholder Responsibility (ACSR), but said at the same time that the sales stemmed from purely financial, and not political, motivations, though the sale has obvious political repercussions...
...MacKay Shields Financial Corporation notified the University Thursday of its intention to sell $1.6 million worth of stocks, including the bank stock and some shares in General Motors, and to purchase stocks in smaller but faster-growing companies...
...Mackay Shields originally purchased the bank stock in 1976, and its market value last June stood...