WEST PALM BEACH, FL (HEDGECO.NET) – Some members of the Harvard University Alumni are still fuming over the University�s pay to some of its money managers. In the year 2003, the university paid US$6.9 million to Jack R. Meyer, who oversees Harvard University�s endowment, the largest university endowment in the country.
Other endowment managers such as Bob L. Boldt, �was paid $743,316 for managing the second-largest university endowment, while David F. Swenson, who manages the third-largest, at Yale University was paid $1,027,685� according to published reports.
Five money managers at the Harvard Management Company were paid a combined total of US $35 million in 2003. Such a payment was excessive, according to Dr. Terry M. Bennett, who graduated from Harvard Medical School in 1964 and later got a degree from its School of Public Health. Dr. Joseph K. Hurd, another Alumni of Harvard said, �I serve on a number of alumni committees, and there has been astonishment at the fact that people working for an organization like Harvard could take away such large salaries.�
Dr. Bennett said, �The managers of the endowment took home enough money last year to send more than 4,000 students to Harvard for a year; I am going to shut the money off.� Dr. Bennett said, I am in the process of doing that, and I am good for my word,� he added. Dr. Bennett is a generous donor to the Harvard University Endowment, and according to news reports he gave US $4 million to the fund in 1991. Donella Rapier, the university’s vice president for alumni affairs and development explained that the university is paying the ongoing rate to top-flight money managers. She said, �There is an economic market out there for these kinds of fund managers, and we do know that many of them who work at other places are making more than the people we have in house.�
Paul Oranika
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HedgeCo.Net
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