Marc Seidner, the head of US Fixed Income at Harvard Management Co., will resign from the school's endowment by end of this month. He will be replaced by Stephen Blyth, managing director for international fixed income, on an interim basis, reports Bloomberg. Seidner will be
the second top raking executive to leave the firm after Harvard's Executive Vice President Edward Forst, a former Goldman Sachs executive, said he will leave last month.
Seidner, was the Harvard Management's second-highest paid official in 2008 with $6.3 million in renumeration. Michael Llodra, a member of the fixed-income investment team, is also expected to leave. The endowment had earlier this year said that it will cut 25% of its staff, or 50 positions, this year.
The largest endowment fund in the US is expecting a 30% decline in assets to around $25 billion by the end of June this year. Harvard Management also has a private equity portfolio of $1.5 billion, a part of which it had reportedly put for sale in order to raise cash.
Harvard has been investing in Indian securities for some time. At one point in 2006, Infosys Technologies was it's largest overseas equity holding. It has also invested in Satyam Computer Services and HDFC Bank. It has also invested in Indian private equity major ChrysCapital, besides investing in Silicon Valley venture capital firms who have India offices.
