MONEY MAN.

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Author: Aronauer, Rebecca

Harvard University has finally found someone to manage its huge endowment.

Mohamed A. El-Erian, 47, will become president and chief executive of the Harvard Management Company, an incorporated affiliate of the university that controls its endowment, in early 2006.

Mr. El-Erian, currently managing director of the Pacific Investment Management Company, will replace Jack R. Meyer, who increased Harvard's endowment during his 15-year tenure from about $5-billion in 1990 to $25.9-billion, as of June 30.

Harvard had an unexpectedly difficult time filling the post, which many would consider among the top jobs in the world of institutional endowments. Mr. Meyer planned to leave in June, but as Harvard struggled to find a successor, he agreed to stay on. Last month the university filled the job on an interim basis.

The Harvard Management Company has not released the salary of its new president, but John Longbrake, a company spokesman, said his compensation would be similar to Jack Meyer's. In 2003 Mr. Meyer's compensation was $6.9-million.

Some alumni have objected to such high compensation, for both Mr. Meyer and his top lieutenants, saying that multimillion-dollar paydays are wrong for anyone involved in a nonprofit, educational organization.

Mr. Meyer left the post to start a hedge fund, and about 30 employees of the Harvard Management Company will join him in the coming weeks. After those staff members leave, Mr. El-Erian will oversee a team of about 130.

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By Rebecca Aronauer