Word: putnams
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Dates: during 1970-1979
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...Putnam and Cabot began discussing the interchange the new management company would have with the several outside firms managing the rest of the portfolio. They expanded the idea that these companies could help Harvard Management get off its feet into a broader concept of a symbiotic relationship among all of the outside firms and Harvard Management...
...Putnam and Cabot are concerned that such short-run pressure may actually be harmful in the long run and that therefore, the heavy emphasis on competition among different firms managing the same endowment may not be the hhalthiest policy for the University to follow. The concept of complementary relationships is in its experimental stage--only the Ford Foundation and Harvard, among major endowments, are currently playing with it--but Cabot and Putnam expect it to become more prevalent in the future. The Ford Foundation has studied the new idea carefully and kept records of the methods they have used...
...selecting the partners with whom Cabot can attempt to set up his experimental "marriage." When Harvard announced its intention to solicit outside managers in the fall, over 160 investment firms from all over the country expressed interest in getting a piece of Harvard's action. At the time, Putnam named George Sigular, James Bailey, and Paul Kuklinski, an outside consultant, to interview and narrow down the list of possible outside managers...
Most of the firms that expressed interest in handling Harvard money started off their letters in the traditional manner of any company seeking anything from Harvard: By listing their Harvard men, stressing their importance to the firm and then stressing the firm's importance to Harvard. So, Putnam and the search committee decided that they would grant an interview to every organization that requested one. They designed a very extensive questionnaire to send to all of the firms, intended partly to deter those not seriously interested and partially to allow the search committee to go into the interview with...
...firms chosen will be concentrated in Boston and New York; nor will they all be experts in managing, for instance, growth stocks; nor will all be adherents to the Harvard Business School Gospel (amen). Cabot and Putnam still do not really know what style Harvard Management will follow in handling its $1 billion, so they would like to see as much diversity as possible among the firms that will be tapped as information sources for the internal company...