Word: meyering
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...same is true of private equity and external hedge funds, Meyer adds. As a result, Harvard’s size could mean that once it has exhausted investment opportunities with top-tier firms, it has “to go down the quality spectrum [of firms], which is very dangerous,” according to Meyer...
While Yale has also achieved impressive returns using outside management, Meyer says size is far less of a problem for the Bulldogs. Yale has the second-largest university endowment at $12.7 billion, but it pales in comparison to Harvard’s $22.6 billion. For Harvard, Meyer says, increased competition for external funds has ensured that achieving Harvard’s current performance under a fully external system would be “very difficult...
...Harvard, internal management skirts the problems of securing enough high-quality outsiders to handle the endowment, and also provides for greater control over risks, more effective financing, and more efficient use of capital, Meyer says...
Along with the constant threat of losing managers to better-paid positions at outside hedge funds, in-house endowment management at Harvard is “enormously complicated,” Meyer says, requiring an operations staff that is much more sophisticated than the average hedge fund...
...People look in at the endowment portfolio, and it’s a little scary from the outside because there are a lot of complicated strategies going on,” Meyer says...