The board of regents of the University of Texas System, Austin, approved a new compensation plan for investment staff of the $16.2 billion University of Texas Investment Management Co. The plan includes an incentive award based on the performance of each portfolio manager as well as the relevant asset class and UTIMCO overall. The new plan also uses peer competitive benchmarks. The previous plan was based solely on performance related to asset policy benchmarks and the achievement of individual, non-quantitative goals.
The plan, retroactive to Sept. 1, 2003, was passed by a 6-2 vote, according to Anthony deBruyn, UT System spokesman.