Already a Bloomberg.com user?
Sign in with the same account.
Harvard University paid Jane Mendillo, the top endowment manager for the world’s richest college, $3.52 million in 2010 after encouraging investment specialists to set longer-term goals.
Mendillo’s pay was third-highest at the endowment, the Cambridge, Massachusetts-based university said today in a statement. She received $3.5 million in 2009, according to disclosures last year. Harvard Management Co.’s top six managers together were paid $20.4 million in 2010, the latest year reported, compared with $28.9 million in 2009.
Mendillo, 53, took over during a credit crisis that began in 2008, during which the fund lost about one-third of its value after peaking at $36.9 billion. She increased the number of years over which managers receive incentive compensation and tied the pay of senior managers to performance of the entire endowment, according to today’s statement.
The managers “continue to steer the endowment through challenging markets, returning value to the portfolio and the University while positioning Harvard’s endowment for the long term,” James Rothenberg, a member of the governing board and Harvard’s treasurer, said in the statement.
The investment return was 21.4 percent in the year ended June 30, 2011, according to Harvard. The value of the fund climbed $4.4 billion in a year to $32 billion on June 30, according to a report in September from Harvard Management.
University President Drew Faust, 64, earned $875,000 for 2010, according to a tax filing released today. Faust’s compensation included $121,000 reflecting the use of a home in Cambridge.
To contact the reporter on this story: John Lauerman in Boston at email@example.com
To contact the editor responsible for this story: Lisa Wolfson at firstname.lastname@example.org