BOSTON May 16 Harvard University paid its top
five in-house money managers $28.8 million in 2012, Harvard
Magazine reported on Friday, a nearly 9 percent hike from the
Harvard, the world's richest university, began tying senior
investment manager pay to the performance of its $30 billion
portfolio in 2010 after it lost billions of dollars during the
2008-09 financial crisis.
While Harvard's payouts to managers are significantly less
than those on Wall Street or at privately owned hedge funds,
news of multimillion-dollar pay packages for some university
employees have angered alumni in the past.
Andrew Wiltshire, who oversees alternative assets
investments, remained the Harvard Management Company's best-paid
manager in 2012 with compensation of $7.9 million - up from $6.6
million in 2011, Harvard Magazine reported.
The head of the endowment, President and Chief Executive
Officer Jane Mendillo, saw her compensation slip to $4.8 million
from $5.3 million. But Alvaro Aguirre-Simunovic, who heads the
fund's natural resources portfolio, saw his compensation rise to
$6.6 million from $5.3 million.
Harvard's endowment grew to $32.7 billion from $30.7 billion
during the fiscal year that ended June 30, 2013.
The university's 2010 pay overhaul tying compensation to
endowment performance came as Wall Street's huge salaries and
bonuses angered many Americans, who blamed bankers' mistakes for
high unemployment and the economic crisis.
Under the system, Harvard managers can only get a pay hike
if they out-perform the market.
(Reporting by Richard Valdmanis; Editing by Tom Brown)