Article: Harvard Management traders see pay drop.(Business)

Article from:
The Boston Herald
Article date:
December 18, 1999
Author:
Copyright

The market indexes are up, but pay at Harvard Management Co. is down, as growth in the Harvard University endowment fund it oversees lagged behind leading indexes for the year ending June 30, the university said yesterday.

Harvard's $14.4 billion endowment fund grew by 12.2 percent last fiscal year, well behind the Standard & Poor's 500, which finished the period up 21.1 percent. Meanwhile, the Dow Jones Industrial Average was up 22.6 percent.

The top five fund managers - whose pay is largely based on investment performance - each beat the benchmark for their sectors, but fell short of last year's top earners, Harvard Management president Jack Meyers ...

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