Word: meyers
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...When Meyer took the helm of HMC in 1990, about 80 percent of Harvard’s investments were managed in-house. Today, that figure is closer to 50 percent...
...several-year exodus of fund managers, culminating in the impending departure of Meyer and his partners, has raised questions about the sustainability of Harvard’s in-house management structure—an issue Meyer says is often discussed by HMC’s board...
...subject of HMC’s management strategy has come to a head in the past. The ballooning growth of Harvard’s endowment to surpass $10 billion in 1997, Meyer says, prompted the board to review HMC’s structure to determine whether a restructuring or outsourcing was needed. In the end, Harvard elected to maintain its in-house investment outfit because the board determined that, even with its problems, HMC was still the most practical group to manage the endowment...
...Meyer says that his successor will have a number of options for the direction to take Harvard’s endowment. One possibility, he says, is that the new CEO could choose to maintain internal management for some assets, but increase the use of outside managers, changing the mix from 50 percent invested externally to, say, 65 percent. Another potential choice facing the CEO is for Harvard to invest securities through hedge funds via external managers but focus its in-house efforts on asset classes like timber...
...could change a little bit,” Meyer says...