Executive Compensation at Harvard Management (2022)

Harvard Management Company (Harvard Management) provides investment management services to Harvard, a private university with more than $60 billion in net assets.  Consequently, revenue comes from Harvard to pay the expenses associated with managing Harvard Management (most of which is compensation and fees for outside services).

To manage these assets, Harvard Management has 133 employees who received $106 million in compensation which equates to an average compensation of $800,000.  However, only 91 employees received more than $100,000 in compensation with the 13 most highly compensated to be:

• $10,477,815:  Nirmal P Narvekar, President and CEO
• $ 8,396,907:  Richard W Slocum, CIO
• $ 7,682,267:  Elise McDonald, Generalist Team
• $ 7,411,249:  John Shue, Generalist Team
• $ 6,188,420:  Carlos Saravia, Generalist Team
• $ 5,585,550:  Sanjeev Daga, COO & Treasurer
• $ 5,509,660:  Adam Goldstein, Generalist Team
• $ 5,020,977:  Marcus Loveland,  Generalist Team
• $ 2,496,774:  Kathryn I Murtagh, CCO & Clerk
• $ 2,178,050:  Jiqing Xia, Generalist Team
• $ 1,300,200:  Lawrence S Bacow, Director*
• $   613,934:  Thomas J Hollister, Director*
• $   600,933:  Jeremy C Stein, Director*

The 13 most highly compensated employees received $64 million in compensation.  11 of the 13 (85%) most highly compensated employees are male while 2 of the 13 (15%) are female.

Harvard Management paid for first class travel.  See the Form 990, Schedule J, Part III, Supplemental Information for more details.

26 independent contractors received more than $100,000 in compensation with the five (5) most highly compensated reported to be:

• $3.7 million:  Ropes and Gray, LLP, of Boston, MA for legal services
• $3.4 million:  Jefferies, LLC, of New York, NY for investment management services
• $3.4 million:  Citco Fund Services, of Jersey City, NJ for Admin/Custodial Services
• $1.5 million:  Bloomberg, of New York, NY for information services
• $1.0. million:  DLA Piper, of Austin, TX for legal services

To read the IRS Form 990 (2021 for the year ending June 30, 2022), click here.