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Top University investment managers earn $2.6 million in 2007

Simmons' pay up 13 percent over 2006

Chief Investment Officer Cynthia Frost topped the list of Brown's highest paid employees in 2007 with a package of $1,351,639, according to the University's most recent tax filings. Frost, who oversees the investment of the University's endowment, took home 55 percent more during that fiscal year than she did in the previous fiscal year, when she earned $871,257, including benefits.

President Ruth Simmons earned $775,715 during the same period, an increase of 13 percent from her previous year's earnings of $689,007. Simmons' compensation put her solidly above the median salary of $527,172 for presidents of private research universities in 2007, according to data compiled by the Chronicle of Higher Education, but still below that of some highly paid Ivy League presidents such as Columbia's Lee Bollinger ($1,411,894) and the University of Pennsylvania's Amy Gutmann ($1,088,786).

Simmons, who in 2006 trailed only Frost in total earnings, was edged out in 2007 by Office of Investment Managing Director Kenneth Shimberg, who earned $785,880 for overseeing investments in private equity.

Andrew Wert, the managing director who oversees marketable securities for the investment office, earned $504,288.

Also among Brown's biggest earners in 2007 were top officials in the biomedical arm of the University.

Edward Wing, who was then chair of the Department of Medicine, earned $525,488. (He became dean of medicine and biological sciences this summer.)

Eli Adashi, then the BioMed dean, took home $499,699 in 2007. He announced his resignation from the post in December of that year, although he served in that capacity through the end of the 2007-08 academic year.

The salaries were reported in the University's annual Internal Revenue Service Form 990, which is publicly available because Brown files as a nonprofit institution.

The financial statement covers fiscal year 2007, which ran from July 1, 2006 to June 30, 2007.


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