Candidates for governor earn big sums in side ventures

Reports give idea of their wealth

The candidates for governor each have a familiar job title — be it former health insurance chief executive or state treasurer — but they also pulled in significant sums of money through lucrative side ventures and investments, according to documents filed with state on Tuesday.

The Statements of Financial Interest, filed with the State Ethics Commission, only require candidates to list their earnings and investments under the heading of “$100,000 or more,” making precise calculations of their wealth impossible. Nevertheless, the documents open a window into their personal finances in 2013, beyond what many discuss on the campaign trail. None of the candidates, despite their focus on the struggles of the middle class, earned less than $100,000 last year. Several, in fact, earned significantly more.

Democrat Donald M. Berwick, best known as the former director of the US Centers for Medicare & Medicaid Services, earned more than $100,000 working for the Leigh Bureau in New Jersey, a firm that organizes paid speaking engagements. On its website, the group bills him as “the United States’ leading advocate for high-quality healthcare.”


He also earned between $60,000 and $100,000 as a faculty member at the Institute for Healthcare Improvement, a nonprofit group based in Cambridge, $20,000 to $40,000 as an adviser to the MacArthur Foundation, the charity known for handing out “genius” grants, and $5,000 to $10,000 as an advisory board member of the National Institute for Health Care Management Foundation in Washington.

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Republican Charlie Baker, who often talks about his experience as the former chief executive of Harvard Pilgrim Health Care, earned more than $100,000 as board chairman of Oceans Healthcare in Lake Charles, La., and more than $100,000 as a trustee of Natixis Global Management, a large financial services firm. He also earned more than $100,000 from CDBI Partners, a Delaware-based investment entity that he uses to partner with General Catalyst, a venture capital firm in Cambridge. And he reported earnings of $40,000 to $60,000 as a board member of athenahealth in Watertown.

Democrat Joseph C. Avellone went beyond the limited disclosure requirements on his Statement of Financial Interest and reported his precise pay — $1.03 million — as an executive vice president at Parexel International, a biopharmaceutical company in Waltham. He disclosed that his home in Wellesley is worth $1.2 million and his summer home, the address of which he was not required to disclose, is worth $740,000.

Democrat Steve Grossman stuck to the limited disclosure requirements on his statement, and reported that he earned more than $100,000 as state treasurer last year. The precise amount was $128,016, according to the state’s official online checkbook. Grossman also reported that he owns 49.65 percent of the Massachusetts Envelope Co. in Somerville. The family-owned firm figures prominently in his campaign speeches, lending him business-world credibility beyond his political experience.

Like many candidates, Grossman also disclosed a variety of securities and investments, including a Fidelity mutual fund and a limited partnership interest in Longmeadow Mall.


Democrat Martha Coakley, the early front-runner in the party primary, had perhaps the most spartan disclosure form of any candidates, listing no securities and investments, and no vacation home. She reported earnings of more than $100,000 as attorney general. The precise sum, according to the state’s online checkbook, was $133,409. She also listed her home in Medford as worth more than $100,000.

Independent candidate Evan Falchuk had perhaps the deepest investment portfolio in the field, as he reported holding six different municipal bonds and 59 different securities and investments, including stock in 3M, Apple, Cisco, and Berkshire Hathaway. His salary as vice chairman of Best Doctors Inc., a Boston firm that provides medical advice, was listed as more than $100,000, and he also reported owning a 3 percent stake in the company.

Republican Mark Fisher, a Tea Party movement candidate, reported just two securities and investments — a PIMCO mutual fund and a US treasury bond. He listed his earnings as president of Merchant’s Fabrication Inc., a metal manufacturer in Auburn, as more than $100,000.

Democrat Juliette Kayyem, a former state and federal homeland security official, earned $482,000 as a partner in The Girls LLC, which her campaign described as a Los Angeles-based investment firm that she co-owns with her father, brother, and sister.

Independent Jeffrey McCormick, a venture capitalist, had not filed his Statement of Financial Interest. As an independent, he is not required to file until next month.

Michael Levenson can be reached at Follow him on Twitter @mlevenson.