|
|
Article: TOP HARVARD MANAGEMENT EXECUTIVES REAP LOWER PAY HARVARD MANAGEMENT EXECUTIVES' PAY FALLS
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- December 18, 1999
- Author:
CopyrightCopyright 1999 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
|
Harvard University's elite money managers are punishing
themselves.
Top executives at the institution's investment arm are taking home
lower pay this year, because of leaner returns in their
megaportfolio.
In the lucrative investing world, "less" can be relative. The
Harvard managers, who run the university's $14 billion endowment, are
still among the best paid in the business. Their paychecks declined
nowhere near as much as their investment returns, whose leaner shape
Harvard has blamed on outside, nonstaff money managers, an inability
to place more cash in venture capital funds, and tough benchmarks.
Harvard Management's new top earner, Philip Dubuque, will take
home $9.5 million in ...