THE total pay package of asset managers has risen to an average of £2m after the industry’s biggest firms won new business.
New research from PwC shows asset manager remuneration has typically increased by 18 per cent annually. The study, which looked at 25 of the largest asset managers in Europe, also said funds’ salary bills went up by four per cent, based on 2011 salaries and bonuses awarded at the end of 2010 or later.
PwC declined to comment on specific figures but City A.M. has spoken to industry consultants who said fund chief executives now have a typically have a base salary of £300,000 and a total package of £2m.
Tim Wright, PwC remuneration director, said: “There is noticeable differentiation with fund managers benefiting more than sales staff.”