Tuesday, 23 September 2014
Last updated 1 hour ago
Aug 29 2014 | 7:20am ET
Harvard University is defending its endowment compensation, noting that its move to manage more money in-house, rather than at hedge funds, has saved the school more than $1 billion.
A group of Harvard alumni from the class of 1969 wrote the university President Drew Faust this month, blasting the amount paid to Harvard Management Co. portfolio managers. The top five, the group noted, received $28.8 million last year, up from $25.2 million in 2009.
The alumni, who have long been critical of HMC’s pay practices, said they were “astonished by what we have discovered.” The group said it is in favor of putting less money with hedge funds, but that in-house managers should be paid less.
Harvard defended HMC, saying that its “unique hybrid model has saved the university more than $1.5 billion in management costs compared to what an equivalent external management strategy would have cost over the past decade.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.