SAN FRANCISCO (AP) -- The University of California system has hired a new manager to run its endowment and pension investments.
The hiring of Jagdeep S. Bachher, a Canadian investment fund executive, was approved Thursday by the Board of Regents.
The panel approved a $615,000 base salary and set a maximum total payout of $1.01 million if the investments perform well, the Los Angeles Times reported (http://lat.ms/1hrCRy3).
That would be less than the $1.2 million that Marie N. Berggren was paid in 2012, her last year in the post before she retired in July.
The compensation comes mainly from investment returns, not from tuition or tax revenues, the newspaper said.
Bachher, 41, an executive vice president at Alberta Investment Management Corp. in Edmonton, will become UC's chief investment officer and vice president of investments on April 1. He is a Canadian citizen with legal U.S. residency.
Regent George Kieffer, who heads the compensation committee, said many other large public and private universities pay more for comparable jobs.
“He is worth every penny,” Kieffer told the Times.
In addition to his basic compensation package and incentive bonuses, Bachher will get $184,500 in relocation expenses and hiring bonuses to be paid over four years.
“I know that working to ensure the health and longevity of the university's financial assets has a direct impact on UC's educational, research and public service mission,” Bachher said in a statement. “This is a chance to really make a difference.”
UC President Janet Napolitano, in a statement, praised Bachher's “investment acumen, management expertise, scholarly research and great social skills.”
Information from: Los Angeles Times, http://www.latimes.com