Harvard money managers quit

Several money managers who handled Harvard’s endowment recently left the school after receiving lower salaries in 2005. The company’s top six employees earned $56.8 million, down from $78.4 million in 2004 and $107.5 million in 2003. Alumni have reportedly complained for several years about what the “exorbitant salaries and bonuses” given to Harvard’s money managers. The president and executive chief of the management company, along with 26 other employees, recently announced their departure from Harvard to start a private investment firm.