Word: scudders
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...most conservative members. This year, President Bok had four appointments to make, not counting the students representatives. Of the four, President Bok appointed three men with financial backgrounds. His sole alumni selection is another financial manager, the vice-president for investments of the Boston-based investment counseling firm, Scudder, Stevens & Clark. Two of the three faculty appointees are financial specialists...
...fact, one of these alumni works for an investment consulting firm, Scudder, which in at least one instance in the past had difficulty complying with clients' demands that it construct a South Africa-free portfolio for them. The case of Michigan State University is instructive. In 1978, the Board of Trustees of Michigan State, who are elected by the state's voters, decided to clear the University's portfolio of South Africa-related stocks. The Trustees instructed the University's portfolio manager, Scudder, to divest. However, Scudder reportedly had difficulty abiding by the South Africa-free guidelines, either because...
...Michigan State trustee, partially because of Scudder's inability to cope successfully with the university. South Africa policy, decided to change portfolio manager. Michigan State's three new portfolio, management firms completed the divestiture action. By taking advantage of marks conditions, Michigan State made 51 million by divesting...
Given the dilemma in which Scudder may have found itself following the Michigan State directive, we can see how President Bok may not receive the full range of advice regarding the financial attractiveness of the various options on divestiture from this year's ACSR, at least as far as the alumni financial experts are concerned. However, President Bok should know that there are Harvard alumni ae with strong backgrounds in finance who believe firmly that divestiture would not have to harm the University portfolio's standing...
...alumni representative is Charles S. Boit '53, vice-president for investments at the Boston investment counseling firm of Scudder Stevens & Clark...