The new top manager of Harvard University’s endowment fund made $971,731 in his first month on the job, according to documents released Friday.
N.P. “Narv” Narvekar’s pay was buoyed by about $912,000 in money that he will receive later but was still reported in the organization’s 2016 tax documents. He began the job in December 2016.
Narvekar’s predecessor, Stephen Blyth, made nearly $6.8 million in 2016, the latest year for which figures are available. Blyth resigned in July 2016.
Documents released by Harvard on Friday also show that President Drew Faust received compensation worth about $1.5 million in 2016. That figure takes into account benefits including housing, as well as some pay that was deferred until this year.
The compensation figures for calendar year 2016 came as the university has been pushing to improve performance for its $37.1 billion endowment, which has lagged its peers.
Since his arrival, Narvekar has made several changes to the fund. He has brought in new leadership, dumped underperforming assets, and restructured the staff.
In one major shift, Harvard Management Co., which oversees the endowment, outsourced the management of its real estate portfolio to Bain Capital last year.
Among the 22 staffers who went to Bain along with that portfolio was team leader Dan Cummings, who had been the highest-paid manager in 2016.
Cummings made nearly $23.9 million, a figure that included $12.3 million in vested compensation that he got because of his age and length of tenure at Harvard Management.
Information about the portfolio’s management under Bain is not reflected in the 2016 report.
Harvard Management also noted that beginning in 2017, Narvekar changed the compensation structure to reward managers based on the overall performance of the endowment, rather than their specific asset classes.
“This collaborative approach will further enhance HMC’s focus on generating long-term returns to support Harvard’s teaching and research mission,” Harvard treasurer Paul J. Finnegan said in a statement.Andy Rosen can be reached at firstname.lastname@example.org.