The Boston Globe reports that Harvard alumni have written to President Faust asking that, given the recent drop in endowment value from $36.8 billion to $28.7 billion, the latest bonuses paid to the fund’s managers be returned. The five highest-paid executives earned between $3.4 and $6.9 million during the last fiscal year. Those aren’t especially high figures compared to private sector earnings, but, as the alumni aver, the endowment’s recent direction doesn’t exactly suggest management worth rewarding.
For more on the backstory to these glittering endowment falls, look to our own “Ivy-Covered Hedge Funds” by Joe Malchow from December.
