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Britannic offers big bonuses to secure managers&#39 loyalty

Britannic Asset Management is believed to be offering fund managers loyalty bonuses of half their basic salaries in a bid to retain key staff while it seeks a merger.

Parent company Britannic announced it was looking to link up with another mid-sized firm in March after releasing results which showed its profits fell to £145.4m in 2000 from £174.5m the previous year.

But it is believed to be concerned that BAM – which IFAs regard as the most attractive part of the group – could fall victim to the recent spate of fund manager moves which has hit rivals including ABN Amro and LeggMason.

BAM is believed to have offered managers a bonus of 50 per cent of their salaries if they are still with the company in a year&#39s time. But IFAs believe firms should avoid paying such bonuses across the board.

Chelsea Financial Services managing director Darius McDermott says: “BAM has got some good fund managers and it will not want to lose them. But it would only really be worth paying bonuses to the best managers and not to those who consistently underperform.”

A Britannic spokeswoman says: “We do have a long-term incentive plan in place for our investment team but we have one of the most stable teams in the industry anyway.”

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