Word: meyers
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...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...
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...
Public knowledge of compensation has bothered many top managers at HMC, according to Meyer. This stands in stark contrast to private investment firms, where compensation is not disclosed...
...while higher, and confidential, pay scales can be found outside of HMC—“I don’t think anyone has left because we’ve paid them too much,” Meyer jokes—he says that the opportunity to start one’s own firm, rather than greater compensation, is the chief reason for managers’ departures...
...financial environment of the early 1990s provided HMC with a natural advantage in attracting managers. At the time, it was difficult to raise money and get the structure in place to start a hedge fund, so managers leapt at the opportunity to develop a track record at HMC, Meyer says...