Dive Brief:

• The University of California will pay its new investment manager more than $1 million a year if its portfolio performs well.

• A $450,000-a-year salary for UC Berkeley's new provost drew protests from two regents, who said the high salary would set a bad precedent.

• The two compensation packages were approved at a University of California Board of Regents meeting.

Dive Insight:

While it's true that administrative salaries can seem inflated, the investment manager will be responsible for overseeing $82 billion in endowment and pension investments. Compensation of $1 million including bonuses seems downright modest in the context of that kind of money.