Money Managers at Harvard Earn Less.

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Author: E.S.

The Harvard Management Company's money managers, charged with investing the university's $26-billion endowment, took home smaller paychecks in the 2005 fiscal year than they did in each of the past two years.

In December, the management company released the compensation figures of its six most highly paid employees, who earned a combined total of $56.8-million. In recent years, alumni have criticized the university for paying its money managers what they called exorbitant salaries and bonuses.

David R. Mittelman and Maurice Samuels, who managed domestic and foreign bonds, again earned the highest compensation, with payouts totaling $18-million and $16.9-million respectively â€" down from $25-million each earned in 2004 and $35-million they both took home in 2003.

Jack R. Meyer, former president and chief executive of the management company, earned $6-million in 2005. It is the last paycheck Mr. Meyer, Mr. Mittelman, Mr. Samuels, and about 26 other employees will receive from the Harvard Management Company. They had previously announced their departures to start Convexity Capital, a private investment firm., Harvard has hired the new firm to manage a portion of the institution's assets.

Mohamed A. El-Erian will take over as the company's president and CEO this year. Although his salary has not been released, officials said his compensation will be similar to what Mr. Meyer earned.

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By E.S.