Top 6 executives paid $53.4 million, up 7% from year prior
Harvard University paid its top six endowment officials $53.4 million total in 2015, confirmed university spokeswoman Melodie Jackson in an email.
Stephen Blyth, former president and CEO of Harvard Management Co., which oversees the Cambridge, Mass.-based university's $35.7 billion endowment, was at the top of the list of executives as he was paid nearly $14.9 million in 2015. Mr. Blyth resigned from the role in July after taking the job 18 months prior, and was replaced by Nirmal P. “Narv” Narvekar in December.
Meanwhile, Daniel Cummings, HMC's managing director, head of real estate, made $11.57 million during the year. Andrew Wiltshire, managing director and head of alternative assets, earned $11.44 million in 2015. Mr. Wiltshire retired later that year.
Michele Toscani and Marco Barrozo, fixed-income portfolio managers, made $5.85 million and $4.88, respectively, in 2015. Robert Ettl, chief operating officer, earned $4.75 million in 2015.
The six executives' total compensation was up 7% from 2014.
Mr. Toscani left HMC to start a hedge fund, TPRV Capital, earlier this year. Mr. Barrozo also left the company to start a hedge fund, HSQ Capital, in early 2016.
Mr. Ettl took on the role of interim CEO after Mr. Blyth resigned. He resumed his role as COO after Mr. Narvekar took on the role of permanent CEO.
In January, HMC announced it was reducing the size of its 230-person staff by about half by the end of the year as part of a plan to change its investment strategy from a specialized or “silo” approach to a generalist investment model in which all members of the investment team take ownership of the entire portfolio.
As a result, beginning in fiscal year 2018, compensation for generalist investment professionals will be driven by aggregate performance of the overall endowment.
Harvard's endowment posted a -2% return for the fiscal year ended June 30, below the 1% return of its benchmark policy portfolio.