Do Harvard, Yale Overpay Their Money Managers?
Money managers who handle university endowments tend to be the highest-paid employees on campus. (Executives at Harvard Management Co. earn multiples of what Harvard University's president takes home, for example.) Now a new report from the National Association of College and University Business Officers and the Commonfund Institute reinforces what has been pretty clear for some time: Rather than earning their pay and delivering the superior returns universities are seeking, many of these golden boys (and girls) are underperforming simple index funds.
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