Harvard University paid its top six endowment officials $32.8 million total in 2012, up 11% from the year before, university spokesman Kevin Galvin said.
Andy Wiltshire, managing director and head of alternative assets at Harvard Management Co., which oversees the Cambridge-based university's $32.7 billion endowment, was at the top of the list of executives as he was paid nearly $7.9 million in 2012.
Meanwhile, natural resources portfolio manager Alvaro Aguirre-Simunovic made nearly $6.6 million during the year. Stephen Blyth, managing director and head of public markets, earned $5.35 million.
Jane Mendillo, HMC's president and CEO, earned $4.8 million, while Daniel Cummings, real estate portfolio manager, made $4.18 million. Bob Ettl, chief operating officer, saw an annual compensation of $3.96 million in 2012.
More than 90% of the bonus compensation paid to HMC's individual portfolio managers varies based on investment performance. In addition, at HMC, only a portion of the performance-based incentive is paid at the end of the year in which it is earned.
HMC set up this system to encourage “a longer term view” and discourage “undue risk-taking,” according to a statement from the company.
