May 15 (Bloomberg) -- Harvard University’s six best-paid endowment managers earned $29.5 million in 2011, a 45 percent increase from the year before.
Harvard Management Co., which invests the university’s endowment, paid Andrew Wiltshire, head of alternative assets, $6.61 million for the calendar year, the most at the fund, according to a statement from the Cambridge, Massachusetts-based college. Its six top-earning investment managers made $20.4 million in 2010.
In disclosing the managers’ compensation, which in the past has spurred protest from some alumni as excessive, Harvard cited the endowment’s returns.
“This compensation system is designed to closely align the interests of the university with its investment professionals,” James Rothenberg, university treasurer and Harvard Management’s chairman, said today in the statement. Harvard’s “market-beating performance in the reporting period once again added value to the resources upon which Harvard depends to fulfill its teaching and research mission.”
Harvard’s endowment, the biggest in higher education, is valued at $30.7 billion by the university. The total fell by about $1 billion in the most recent fiscal year ended June 30 after gains of 11 percent and 21 percent in the two preceding periods.
Stephen Blyth, head of public markets for the management company, was second-highest paid at $6.16 million, while Jane Mendillo, president and chief executive officer of Harvard Management, was third at $5.32 million. Mendillo, who took over after the financial crisis that began in 2008, has encouraged setting longer-term investing goals.
Alvaro Aguirre-Simunovic, portfolio manager for natural resources, earned $5.29 million; portfolio manager Apoorva Koticha earned $3.11 million; and portfolio manager Marco Barrozo earned $2.99 million.
Harvard President Drew Faust was paid $899,734 for the fiscal year that ended June 30, including about $129,000 for the use of a home she’s required to live in by the terms of employment, according to tax documents filed by the university. Faust’s base compensation was $720,441 for the year, according to the documents.
Harvard Management is based in Boston.
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