Harvard Management, the investment vehicle for Harvard University's $22.6bn endowment, is losing its top executive, Jack Meyer, and four top money managers.

Mr Meyer plans to step down in June to start his own firm along with his colleagues. His resignation comes amid some alumni criticism of his compensation and that of his money managers - despite another another stellar performance last year. The fund gained 21.1 per cent for the 12 months through June 30, and ranks top among the 25 largest university endowments. Harvard's fund has returned 15.9 per cent a year on average over the past 10 years, far outstripping the S&P 500.