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Money Managers Say Goodbye to Harvard

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A group of Harvard’s top money managers are leaving the university to start their own firm.

A group of top money managers at Harvard University who helped the school add billions of dollars to its endowment but drew alumni criticism for compensation of as much as $35 million are leaving to start their own firm.

Their decision may have to do with criticism from alumni for their compensation of up to $35 million after growing Harvard’s endowment to $22.6 billion.

An article at from Reuters says,

“Jack Meyer, a Harvard Business School graduate who has led the Ivy League university’s in-house management company since 1990, said he will step down as president and chief executive of Harvard Management Company later this year.

David Mittelman and Maurice Samuels, who each earned more than $25 million in the last fiscal year for their role in earning Harvard a 21.1 percent return on its investments, will join Meyer at his new firm. Edward DeNoble and Michael Pradko will also leave, the university said in a statement.”

Myer says, “I think I have one more good chapter in me…and I would like to drop out of the spotlight a bit.”

Harvard’s fund rose 21.1 percent in the 12 months ended June 30 by investing in everything from stocks to timberland, the highest return among the country’s 25 biggest college endowments, according to a survey compiled by Bloomberg.”

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Money Managers Say Goodbye to Harvard
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