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Article: Harvard Management pay tripled in '96 Compensation to 160 employees reported at $57m, up from $16m in 1995
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- May 16, 1997
- Author:
CopyrightCopyright 1997 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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The worst day of the year at Harvard Management Co. isn't the day
that the market goes in the tank; it's the day it has to report what
it pays its money managers.
In a federal tax filing yesterday, Harvard University's money
management unit reported that total compensation to its 160 employees
more than tripled in fiscal year 1996 to $57 million, from $16
million a year earlier.
Jack Meyer, president of Harvard Management, said the boost
reflected the strong investment performance in 1996. "In fiscal year
'95 we underperformed by 40 basis points; in fiscal year '96 we
outperformed by 370 basis points," he said. (A basis point equals
one-hundredth of a percentage point.)
Even so, the ...