Jane Mendillo, president and CEO of Harvard Management Co., received a 52% increase in compensation in 2011, based on a disclosure from Harvard University on Wednesday.
Ms. Mendillo, who leads the firm that manages the university's Cambridge, Mass.-based $31 billion endowment, received total compensation of $5.3 million, up from $3.5 million in 2010.
She was not the highest-paid HMC official among the six whose 2011 compensation was disclosed. Andrew G. Wiltshire, portfolio manager and head of alternative assets, received $6.6 million, up 21%; and Stephen Blyth, portfolio manager and head of public markets, received $6.2 million, up 128%.
Alvaro Aguirre-Simunovic, portfolio manager-natural resources, received $5.3 million; and two portfolio managers for global rate fixed income, Apoorva K. Koticha and Marco C. Barrozo, received $3.1 million and $3 million, respectively.
More than 90% of compensation paid to HMC's individual portfolio managers is based on investment performance, according to a statement from Harvard. “Only value-added growth over and above what the market delivers is included in HMC's variable compensation calculations. This system ensures that incentives are earned only when the endowment receives added value from HMC's active management.”
In fiscal year 2011, which ended June 30, the endowment returned 21.4%, Kevin Galvin, Harvard spokesman, said in an e-mail. In fiscal year 2010, the endowment returned 11%.