Harvard Management Company
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| Harvard Management Company | |
|---|---|
| Type | Nonprofit |
| Founded | 1974 |
| Headquarters | Boston, Massachusetts |
| Key people | Jane Mendillo, CEO Marc Seidner, Vice President for Domestic Fixed Income |
| Industry | Finance and Insurance |
| Website | , www.hmc.harvard.edu |
Harvard Management Company (HMC) is a wholly-owned subsidiary of Harvard University, charged with managing the university's endowment, pension assets, working capital, and non-cash gifts.[1] HMC is perhaps best known for managing the university's $34.9 billion endowment,[2] the largest endowment in higher education.[3]
The company employs financial professionals to manage the approximately 11,000 funds that constitute the endowment. The company directly manages about 60% of the total endowment portfolio, while working closely with the external companies that manage the rest.[4] The HMC is headed by a professional, who is appointed the title of president and chief executive officer of the company. Its well-known recent president Jack Meyer managed HMC from 1990 to September 30, 2005, beginning with an endowment worth $4.8 billion and ending with a value of $25.9 billion (including new contributions). During the last decade of his tenure, the endowment earned an annualized return of 15.9%.[5]
The university hired Mohamed A. El-Erian to succeed Jack Meyer as HMC's next president and CEO. Mr. El-Erian came from the bond trading company Pacific Investment Management (PIMCO) and has pledged to "rebuild and reinvent" the company. He announced his leaving September 12 to return to PIMCO after guiding the endowment to a one-year return of 23%.[6]
Harvard University announced that Jane Mendillo will become the new head of Harvard Management Co., effective July 1. Mendillo has been Wellesley College’s chief investment officer since 2002. Prior to that, Mendillo served as vice president for external management at Harvard Management Co. A 1984 graduate of Yale University who got her MBA at Yale’s School of Management, Mendillo first joined Harvard Management Co. as an equities analyst in 1987.[7]
Marc Seidner has also joined HMC as vice president for domestic fixed income in an effort to revamp the company's bond division. Mr. Seidner was previously the director of active core strategies at Standish Mellon Asset Management. [8]
Contents |
[edit] Notes
- ^ Harvard Management Company (2008). "About HMC".
- ^ The Wall Street Journal (2007). "Harvard's Fund Returns 23%, Boosting Size to $34.9 Billion".
- ^ The Harvard Crimson (2005). "Super-Size Me".
- ^ Harvard College Fund (2008). "The Endowment".
- ^ BusinessWeek (2005). "Harvard Loses an Investing Star".
- ^ The New York Times (2007). "Fund Chief at Harvard Will Depart".
- ^ Boston Herald (2008). "Harvard Management Co. appoints new chief".
- ^ Mossavar, Cyrus. "Harvard Management Company Hires Two Senior Exercutives in Plan to Remake HMC" The Harvard Crimson, April 20, 2006.
[edit] External links
[edit] Articles
- The Wall Street Journal :: "Harvard's Fund Returns 23%, Boosting Size to $34.9 Billion"
- The Harvard Crimson :: "Endowment Chief Speaks to Students"
- The Harvard Crimson :: "Harvard Management Company Hires Two Senior Executives in Plan to Remake HMC"
- The Harvard Crimson :: "HMC Salaries Fall From Highs"
- The Harvard Crimson :: "Top Bond Manager to Lead Endowment"
- The Harvard Crimson :: "Endowment Reaches $25.9 Billion"
[edit] Further reading
- The Harvard Crimson :: "Ex-HMC Chief Opens $6B Fund"
- The Harvard Crimson :: "Yale's Chief Investor Says HMC Overpays"
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