Executive Compensation at Harvard Management (2024)

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 and affiliates to pay the expenses associated with operating Harvard Management (most of which is compensation and fees for outside services).

To manage these assets, Harvard Management has 113 employees who received $89 million in compensation which equates to an average compensation of $800,000.  However, only 100 employees received more than $100,000 in compensation with 13 of the most highly compensated reported to be:

• $6,228,717:  Nirmal P Narvekar, President and CEO
• $5,000,739:  Richard W Slocum, CIO
• $4,995,699:  Sanjeev Daga, COO & Treasurer
• $3,707,850:  Adam Goldstein, Generalist Team
• $3,454,087:  Carlos Saravia, Generalist Team
• $3,285,726:  Elise McDonald, Generalist Team
• $3,260,071:  John Shue, Generalist Team
• $3,040,461:  Marcus Loveland, Generalist Team
• $2,345,032:  Kathryn I Murtagh, CCO & Clerk
• $1,362,955:  Claudine Gay, Director (until 1/2/24)*
• $1,165,036:  Alan Garber, Director*
• $  665,863:  Jeremy C Stein, Director*
• $  555,826:  Ritu Kalra, Director*

“*” indicates compensation was from an affiliated organization

The 13 most highly compensated employees received $39 million in compensation, which means the remaining 100 employees received $50 million or an average of $500,000 each.  87 of the 100 received more than $100,000; 13 received less than $100,000.  If the 13 employees who received less than $100,000 received $99,999 each, then the 13 received $1.3 million while the remaining 87 employees received $48.7 million, or an average of $560,000.

10 of the 13 (77%) most highly compensated employees are male while 3 of the 13 (23%) are female.

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

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

• $1.5 million:  Ropes and Gray, LLP, of Boston, MA for legal services
• $3.6 million:  Citco Fund Services, of Jersey City, NJ for Admin/Custodial Services
• $1.6 million:  Bloomberg, of New York, NY for information services
• $0.9 million:  Price Waterhouse Coopers, of Boston, MA for accounting services
• $0.5 million:  Shi International Corp, of Dallas, TX for IT solutions

To read the IRS Form 990 (2023 for the year ending June 30, 2024), click here.