UK fund managers earn more than their counterparts elsewhere in the
world, according to research by the Association for Investment Management
and Research and Russell Reynolds Associates.
The median salary package for fund managers in this country is
£141,000. topping the US average of £134,000.
The UK average salary is almost double the average for fund managers in
Singapore with £79,400 and Canada with £76,500 while Hong Kong is
UK fund managers with 10 years' experience earn £182,000, again more
than the US with £173,800. UK salaries for the top 10 per cent start
at £777,000 while for the US the figure is £638,300.
They also found a clear gender gap, with female fund managers earning
considerably less than their male colleagues. After five years in the job,
women were paid 16 per cent less, with the disparity rising to 18 per cent
after 10 years.
Fiona Price & Partners director Donna Bradshaw says: “Fund managers earn
far too much, and very few do anything outstanding. Salaries have gone up
considerably in the last few years, driven by supply and demand rather than
by performance. Women are not being promoted at the top and there is still
a glass ceiling.”
Autif director of communications Anne McMeehan says: “You cannot buck the
market. If one fund management company were to attempt to lower salaries,
their more gifted managers would move off. You have to be careful that you
are comparing like with like.”