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Article: HARVARD WILL KEEP DISPUTED PAY POLICY UNDER NEW CHIEF, ENDOWMENT ALSO WILL CONTINUE MANAGING SOME OF ITS OWN FUNDS
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- October 15, 2005
- Author:
CopyrightCopyright 2005 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Harvard University plans to stick with the policies that have made
the management of its $26 billion endowment both successful and
controversial.
In an interview yesterday, Harvard President Lawrence Summers
yesterday said Harvard was committed to two things: managing some of
its money in-house, and paying the high salaries required to retain
star money managers.
"Harvard is prepared to provide the necessary compensation to
attract top talent to work at Harvard Management Co.," said Summers,
referring to the entity that runs the endowment.
Summers made his remarks on the day the university named a new
president of Harvard Management. As the Globe reported yesterday,
Mohamed El-Erian, a key ...