The poisoned chalice

4 October 2005

Jack Meyer has left the firm after achieving a 19% return in his last year. It s an impossible act to follow. Perhaps that’s why, despite the prestige of the position, it seems no one wants to be Meyer s successor.

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Jack Meyer has left the Harvard Management Company after producing a 19% return in the 12 months to the end of June 2005.

The fund manager announced his resignation in January after Harvard alumni complained of the high bonuses paid to Harvard Management Company employees. He is to start a hedge fund.

Peter Nadosy, a former president of Morgan Stanley Asset Management, is to be interim chief investment officer of Harvard's endowment.

Meanwhile, the search for a permanent replacement for Meyer continues.

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