UC’s New Investment Chief’s Compensation Could Top $1 Million
Career College Central summary:
Last week, the UC regents 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.
Bachher, who is an executive vice president of Alberta Investment Management Corp. in Edmonton and oversees large public sector funds, is to become UC's chief investment officer and vice president of investments April 1. Regent George Kieffer, who heads the board's compensation committee, said many other large public and private universities pay more for comparable jobs.
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THE LOS ANGELES TIMES