Salary survey: Slower growth in fund management pay

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Salaries in a range of asset management roles have stayed flat or risen only marginally in the past year, failing to match the rapid increases of previous years, a survey shows.

Jo Ellis, a manager at the recruitment firm Citipeople.com, which conducted the survey, said growth had slowed both because of weak market conditions and because salaries had now almost caught up with their investment banking equivalents.

"Where salaries used to be significantly lower than in investment banking several years ago, these margins have been closing over time and are now virtually aligned," she said.

The survey covered a number of roles, excluding fund managers themselves. Marketing executives were among those whose salaries had risen in 2001, reaching 38,000 to 55,000 at supervisory level, compared to 37,000 to 53,000 last year. Ellis said there was still a shortage of staff in this field.

At senior level, salaries for marketing executives rose to between 28,000 and 38,000, from last year's 27,000 to 37,000. At junior level, salaries rose to between 22,000 and 28,000, from between 21,000 and 26,00 in 2000.

Senior relationship manager salaries also edged up, to between 38,000 and 80,000-plus, compared to last year's 36,000 to 80,000-plus.

At junior levels, relationship managers are earning between 30,000 and 38,000 this year, compared to between 28,000 and 36,000 last year.

Investment analyst salaries however have stayed the same, remaining at 30,000 to 50,000 at senior level and 25,000 to 30,000 at junior level.

Salaries in fund administrator, corporate action and other roles also stayed the same.

"Bonuses have remained stable with most individuals content with an adequate total compensation package rather than being concerned with the actual base / bonus ratio as they were a few years ago", Ellis added.

She said asset management salaries had closed the gap with investment banking because career paths in asset management had become more dynamic and because the industry as a whole had grown.

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