A pair of money managers working for Harvard Universitys endowment fund collectively netted more than $50 million in fees in fiscal 2004 for delivering top-tier performance in their respective investment fields, Reuters reports.
David Mittleman, a domestic bond strategy manager, and Maurice Samuels, who supervises a foreign bond portfolio, respectively raked in $25.4 million and $25.3 million for fiscal 2004.
Both managers participated in an investment strategy group that generated an overall 21.1% return, boosting the universitys endowment to $26.6 billion.
University officials defended generous compensation packages awarded to Mittleman and Samuels by noting the exceptional performances of their respective portfolios. One senior University official called their compensation a cost savings compared to comparable fees charged by external hedge fund managers who generate similar returns.
But alumni who were angered last year by their compensation packages, which collectively totaled $34 in million, are sure to be outraged this year.
