- 03 November 2016
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McKinsey has issued a withering assessment of the money managers at Harvard – criticising its ‘easy-to-beat’ investment goals, which have resulted in managers receiving tens of millions of dollars in bonuses. In a review of its endowment benchmarks, its report concluded: “This is the only place I’ve seen where people can negotiate the benchmark they get compensated on.” Focusing on the five years up to June 2014, it found Harvard paid 11 money managers $242 million, of which 90% comprised bonuses. In the final year of its review period, it found total compensation amounted to $65million – a figure that had doubled over the five-year period.