Word: moneymenã
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Yale out-sources much of its endowment-management work to hedge funds and other investment firms. Harvard, by contrast, uses in-house investors to handle a large chunk of its own holdings. Harvard pays hefty salaries to its own moneymen??€”the top-paid in-house investor earned $17.9 million in the 2005 fiscal year—but the University says that it pays less in fees to external managers as a result. Universities are required to reveal the salaries of their highest-paid employees on their federal and state tax returns—but they aren?...
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