Friday, January 24, 2014
They've Got Plenty of Something
Anyway, from today's LA Times:
The UC regents on Thursday hired an executive of a Canadian investment fund to be the chief manager of the university system's $82 billion in endowment and pension investments and will pay him more than $1 million a year if he achieves good returns. Although that pay package triggered little public discussion, the salary for another new executive hire attracted more opposition at the regents meeting here. Some regents opposed the $450,000-a-year salary for Claude Steele, who is becoming UC Berkeley's provost and second-in-command. They complained that the pay is higher than that of some chancellors. For the new investments chief, Jagdeep S. Bachher, the regents approved a $615,000 base salary and set a maximum total payout of $1.01 million if UC investments perform well. That would be slightly less than the $1.2 million that Marie N. Berggren was paid in 2012, her last year before she retired in July. The compensation comes mainly from investment returns, not tuition or tax revenues, officials said...
Full story at http://www.latimes.com/business/la-me-uc-investments-20140124,0,6627219.story
Official statement at http://www.universityofcalifornia.edu/news/article/30598
At least no one will call UC cheap, cheap...