Top Managers Salaries Rise

The University's top money managers continued to earn salaries in the hundreds of thousands of dollars last year, even as the value of Harvard's endowment dropped by $50 million.

Documents filed this month with the State Office of Public Charities report the salaries of the five highest-paid officers of Harvard Management Corporation, a nonprofit organization which oversees the University's $4.7 billion in investments.

The organization's top-paid employee, Vice President and Director of Fixed Income Investment Dave Mittelman, earned $682,000 in salary for fiscal year 1990-91. Company President Jack R. Meyer was paid $575,000, according to the documents.

Meyer's pay is considerably more than the $354,192 earned by his predecessor, Walter M. Cabot '55, in 1986-87.

And three other vice presidents--Jon Jacobson, Timothy Peterson and Robert Matson--earned $425,000, $400,666 and $384,400, respectively.

Despite efforts by many depart- ments and faculties to cut costs during therecession, Harvard's annual financial report,released last month, reported a $42 milliondeficit for 1990-91.

The documents report the five investors'average work week as 35 hours. That putsMittelman's wage at just under $375 per hour--notcounting holidays or vacation time, or Mittelman's$56,604 in benefits.

These figures represent a drop-off from1988-89, when two Harvard money managers earnedmore than $1 million each. Still, Mittelman's$682,000 paycheck for 1990-91 is more than threetimes the $199,986 that then-Harvard PresidentDerek C. Bok earned in 1989-90, the most recentyear for which figures are available.

The salaries for Harvard's top academics arefar below those of the money managers.

In 1989-90, Medical School Dean Daniel C.Tosteson '44 earned $240,000, and AssociateProfessor of Implant Dentistry Paul A. Schnitmanwas paid $221,750. Business School Dean John H.McArthur earned $180,000

The documents report the five investors'average work week as 35 hours. That putsMittelman's wage at just under $375 per hour--notcounting holidays or vacation time, or Mittelman's$56,604 in benefits.

These figures represent a drop-off from1988-89, when two Harvard money managers earnedmore than $1 million each. Still, Mittelman's$682,000 paycheck for 1990-91 is more than threetimes the $199,986 that then-Harvard PresidentDerek C. Bok earned in 1989-90, the most recentyear for which figures are available.

The salaries for Harvard's top academics arefar below those of the money managers.

In 1989-90, Medical School Dean Daniel C.Tosteson '44 earned $240,000, and AssociateProfessor of Implant Dentistry Paul A. Schnitmanwas paid $221,750. Business School Dean John H.McArthur earned $180,000