Word: putnam
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Roderick M. MacDougall '51, retiring chairman of the Bank of New England, will take over the Treasurer's position from 11 year veteran George Putnam Jr. '49 on July...
...Treasurer, MacDougall will oversee the performance of the Harvard Management Company (HMC), the University's in-house investment group created by Putnam in 1974, and will also act as the Corporation's prime advisor on major captial expenditures...
...with Putnam, I will look to him for advice," Cabot said, but added that MacDougall will not become involved with Harvard's investments on a day-to-day basis...
Officials said they considered Putnam's major acheivement as treasurer the establishment of the Management Company, which handles the University's $2.5 billion endowment, and in giving the company leeway...
...Treasurer, Putnam's major responsibility has been Harvard's endowment and major capital expenditures, but he also takes part in bi-weekly Corporation meetings, and votes as a Fellow. When he assumed the position from George Bennett '33 in 1973, Putnam made the fairly radical decision to start up an in-house management group to handle Harvard's endowment, and the Harvard Management Company was born the next year--with a Putnam protege, Walter M. Cabot Jr. '55, at the helm...