Harvard money manager quits

* Peter B. Lewis, long-time trustee of the Solomon R. Guggenheim Museum in New York, which he has given $77 million, quadruple the amount of any other board member, resigned from the board citing differences in direction, primarily with the museum’s executive director, the New York Times reported Jan. 20.

* Jack Meyer, the investment manager who grew Harvard’s endowment from $5 billion to $23 billion over 15 years, and drew controversy for his $7.2 million compensation last year, will leave the school for the private sector, the New York Times reported Jan. 12.

* Billionaires George Soros, Peter Lewis and Herb and Marion Sandler are expected to donates millions over several years to build institutions that develop “progressive ideas and people” to counter conservative groups such as the Heritage Foundation and American Enterprise Institute, the Financial Times reported Jan. 12.

* Almost half of the wealthiest Americans, or those with $10 million or more in investable assets, and one in five Americans with greater than $500,000, have no will, a new survey by PNC Advisors says, countering the belief that wealthier people are more likely to have wills, the Wall Street Journal reported Jan. 11. 

* While average household spending grew only 5 percent from 1997 to 2002, average cash contributions from households during the same period increased 14 percent, outpaced only by spending on education and transportation, a study by New Strategist Publications says.

* Almost half of businesses surveyed expanded volunteer activities last year, and nine in 10 say volunteer activities improved employee morale, says a new study by Business Strengthening America, a group promoting volunteer service.

* Investment returns for British charities grew 11 percent last year, in part due to the strength of securities in Asia and emerging markets, says a report by WM Company, with returns averaging 2.8 percent a year over the last three years, Reuters reported Jan. 14.

Leave a Response

Your email address will not be published. All fields are required.