Harvard Money Managers See Higher Compensation

Harvard Management Company announced Friday that compensation for its five highest-paid officials and former president totaled approximately $26.8 million for the year ending June 30—a turbulent time for both the markets and the company’s leadership.

Former endowment chief Mohamed A. El-Erian earned $921,000, while his five employees earned between $3.9 and $6.4 million each. The total figure represents a significant increase of 20 percent over that of the previous year, which saw total compensation of $22.3 million.

El-Arian served as HMC’s endowment chief from February 2006 through December 2007, before stepping down to return to the California-based Pacific Investment Management Company, where he previously served as a managing director. He was replaced by Robert S. Kaplan, a management professor at Harvard Business School, who served as the interim head for the remainder of the fiscal year without paid compensation.