Word: meyers
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Despite the avalanche of departures from HMC, Meyer says that the current mix of internal and external management could also be maintained if the firm’s leadership believes that route is practical...
...Meyer cautions against premature speculation about what structural changes his successor will implement, noting that upon his arrival at HMC in 1990 he had a history of externally managing funds at previous jobs but embraced the internal model...
...Meyer says for several years the percentage of the endowment invested internally rose from 80 to 85 percent before declining as managers left the company...
According to Meyer, hedge funds, a common form of external management, charge an average of 1.5 percent in annual management fees plus 20 percent of profits. HMC, on the other hand, gets the job done while charging a base fee of 0.26 percent plus incentives—which can be positive or negative. Thus, Meyer estimates that Harvard would have paid roughly twice as much over the past 10 years to achieve the same returns on the endowment using external management...
Having managed both assets and managers, Meyer calls the latter more of a “different skill set” than a challenge...