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TMCNet: Board approves 8 percent raise for UT investment staff [Austin American-Statesman]

[November 04, 2013]

Board approves 8 percent raise for UT investment staff [Austin American-Statesman]

(Austin American-Statesman (TX) Via Acquire Media NewsEdge) Nov. 05--The University of Texas Investment Management Co. board Monday approved 8 percent raises for the company's investment staff.

CEO Bruce Zimmerman received a 9 percent raise, or $55,000, bringing his base salary to $655,000.

UTIMCO is a private nonprofit company formed to manage $30 billion in higher education investments and endowments for the benefit of University of Texas and the University of Texas A&M systems.

The staff last year received 4.5 percent increases to base salaries.

Zimmerman did not receive a raise last year. The last increase of his base salary was 4.3 percent, or $25,000, in 2011.

Zimmerman said a salary survey was done this summer that showed UTIMCO salaries continue to lag behind those of their peers at other large universities.

During the meeting, Kyle Bass, a UTIMCO board member and the chairman of the compensation committee, said the committee worked over the past few months to determine what other large universities pay their investment staffs.

"The changes we recommended today, while still leaving UTIMCO's staff paid less than other large university investment staff, helped close the gap, which is important in order for UTIMCO to retain highly talented investment professionals," he said.

The UT System Board of Regents, which approves UTIMCO's budget, is scheduled to vote on the proposed raises Nov. 13.

UTIMCO staff are eligible for annual bonuses that are calculated based on the return on the investments. Those bonuses are scheduled to be calculated in December, after UTIMCO receives its final reports on how well the investments performed over the past year.

___ (c)2013 Austin American-Statesman, Texas Visit Austin American-Statesman, Texas at www.statesman.com Distributed by MCT Information Services

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