Executive Compensation at Harvard Management (2023)

Harvard Management Company (Harvard Management) provides investment management services to Harvard, a private university with $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 128 employees who received $90 million in compensation which equates to an average compensation of $700,000.  However, only 97 employees received more than $100,000 in compensation with the 12 most highly compensated to be:

• $9,668,266:  Nirmal P Narvekar, President and CEO
• $7,748,129:  Richard W Slocum, CIO
• $5,231,638:  Elise McDonald, Generalist Team
• $5,144,252:  John Shue, Generalist Team
• $6,679,566:  Carlos Saravia, Generalist Team
• $3,982,873:  Sanjeev Daga, COO & Treasurer
• $6,002,388:  Adam Goldstein, Generalist Team
• $4,338,359: Viral Dholabhai, MD, Generalist Team
• $2,298,343:  Kathryn I Murtagh, CCO & Clerk
• $1,757,109:  Lawrence S Bacow, Director*
• $  703,040:  Thomas J Hollister, Director*
• $ 612,785:  Jeremy C Stein, Director*

The 12 most highly compensated employees received $54 million in compensation.  10 of the 12 (83%) most highly compensated employees are male while 2 of the 12 (17%) are female.

Nirmal P Narvekar:  Total Compensation 2019-2023: $36 million

• 2023:  $ 9,668,266
• 2022:  $10,477,815
• 2021:  $ 1,064,621
• 2020:  $6,313,830
• 2019:  $8,559,213

Richard W Slocum:  Total Compensation 2019-2023:  $28 million

• 2023:  $7,748,129
• 2022:  $8,396,907
• 2021:  $  866,001
• 2020:  $5,065,210
• 2019:  $6,185,695

Elise McDonald:  Total Compensation 2020-2023:  $22 million

• 2023:  $5,231,638
• 2022: $7,682,267:
• 2021:  $4,705,517
• 2020:  $4,653,029

John Shue  Total Compensation 2020-2023:  $21 million

• 2023:  $5,144,252
• 2022: $7,411,249
• 2021:  $4,461,815
• 2020:  $3,817,033

Carlos Saravia:  Total Compensation 2022-2023:  $13 million

• 2023:  $6,679,566
• 2022: $ 6,188,420

Sanjeev Daga:  Total Compensation 2020-2023:  $27 million

• 2023: $3,982,873
• 2022: $5,585,550
• 2021:  $7,157,486
• 2020:  $9,854,522

Adam Goldstein:  Total Compensation 2022-2023:  $12 million

• 2023: $6,002,388
• 2022: $5,509,660:

Kathryn I Murtagh:  Total Compensation 2019-2023:  $11 million

• 2023: $2,298,343
• 2022: $2,496,774
• 2021:  $2,296,297
• 2020:  $1,979,462
• 2019:  $1,878,088

The 9 most highly compensated employees received $170 million from 2019-2023 (note:  highly compensated employees in 2019-2022 but not in 2023 are not included in the list above).

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

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

• $1.8 million:  Ropes and Gray, LLP, of Boston, MA for legal services
• $3.5 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:  Price Waterhouse Coopers, of Boston, MA for accounting services
• $0.8 million:  Morgan Lewis and Bockius, of Boston, MA for legal services

To read the IRS Form 990 (2022 for the year ending June 30, 2023), click here.