Investment Management at Harvard Management Company

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Case Details:

Case Code : FINC056
Case Length : 19 Pages
Period : 2000-08
Pub. Date : 2009
Teaching Note :Not Available
Organization : Harvard Management Company
Industry : Financial Services
Countries : UK/India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Background Note

HMC was incorporated in 1974 to manage the endowments, pension assets, working capital, and non-cash gifts of Harvard. Its objective was to provide financial support to the operations of Harvard. To conform with that objective, HMC's Board and the management laid down the investment philosophy to allocate assets across various markets and asset classes in their effort to generate the optimum rate of return in line with Harvard's risk tolerance level. HMC also worked on the premise that in addition to earning income to support the activities of the University, it had to generate capital appreciation on the assets it held over a long term...

Finance | Case Study in Management, Operations, Strategies, Finance, Case Studies

Asset Allocation

Since its inception, HMC had managed the largest university endowment fund in the world. (Refer to Exhibit IV for Top Ten University Endowments in the US by the End of June 2008). It followed a well-diversified asset allocation strategy. For instance, for the fiscal ended June 2008, HMC had investments in 12 non-cash asset classes...

Fund Management at HMC

Walter Cabot (Cabot) was nominated as the first President and CEO for HMC in 1974. HMC's assets grew from US$ 1.3 billion in 1974 to US$ 4.7 billion in 1990 under his leadership. Cabot resigned from HMC after his 16-year tenure in 1990 when Meyer was nominated as his successor. Meyer led HMC between 1990 and 2005 and grew HMC's asset value from US$ 4.7 billion to US$ 22.6 billion. HMC nominated Mohammed El-Erian (El-Erian) as successor to Meyer...

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