THE THREE top managers at hedge fund GLG Partners are set to have higher basic pay packets than the chief executive of rival Man Group once the £1bn takeover of GLG is complete.
Co-chief execs Noam Gottesman and Emmanuel Roman, along with Pierre Lagrange, senior managing director, will all earn basic salaries of $1m (just under £629,000), according to a Man shareholder circular.
Man’s chief executive Peter Clarke receives $925,000 a year, while chairman Jon Aisbitt earns $450,000.
According to the document: “The employees are expected to devote the whole of their working time, attention and abilities to their duties” in return for a base salary of £1m and bonuses at the discretion of the Man board. The firm said the bonus provision does not apply to Gottesman.
The trio will remain “significant investors” in the business, in an effort to repeat the success of previous funds.
The GLG heads have forfeited their bonus payments and taken a $1 salary for the past year following the disappointing returns on GLG funds, though the company restored $1m basic payments this year.
If the merger goes ahead, the group will control assets of around $63bn.