With large redundancy plans across the industry, Emolument’s COO Alice Leguay said many managers were simply happy to be in a job and no longer expected the large annual salary increases and bonus payments.
She said: “Over the last 12 months, we have seen pay packages flatline in the asset management industry, especially for front office professionals. Large redundancy plans across the sector have given employers the pick of the crop, and most do not feel under pressure to up pay in order to retain staff, except for some outstanding senior staff who bring in valuable business or can hit the ground running.
“Many fund managers no longer expect annual salary raises by default and are contented with being in employment: threats to leave following a disappointing bonus round no longer impresses.”
