Harvard U. Investment Official to Step Down

The head of fixed income at Harvard Management Company, the company that manages Harvard University’s endowment, is planning to step down, The Wall Street Journal reports.

Marc Seidner, who was among the top paid at the endowment with $6.3-million in compensation from the previous fiscal year, has decided to leave at the end of the month, the newspaper said. Michael Llodra, a top fixed-income portfolio manager for the endowment, is also leaving at that time, the Journal reported.

Harvard’s endowment, which reached nearly $37-billion last June but had reportedly lost as much as $8-billion by December, provides a third of the university’s budget, The Chronicle of Philanthropy reported in its annual survey of endowments at big nonprofit groups.

(A paid subscription is required to view the Journal article, and a paid subscription or temporary pass is required to view the Chronicle article.)