NU Online News Service, July 29, 2003, 12:49 p.m. EDT – Half of U.S. investment management professionals are earning salaries greater than $109,500 this year, and half are earning bonuses greater than $30,800, according to the Association for Investment Management and Research, Charlottesville, Va.
When the association surveyed investment managers, it found that median cash and noncash compensation for managers who ranked in the top 10% in terms of pay was $450,000.
Compensation patterns were different in two of the biggest centers of asset management, New York and Boston.
Benefits were better in Boston. Noncash compensation averaged $12,500 in Boston, compared with $10,000 in New York.
But the median salary was $125,000 in New York and $120,000 in Boston.
New York firms paid a median bonus of $75,000, and they gave investment managers in the top 10% in terms of pay a package worth an average of $650,000.
In Boston, the median bonus was only $40,000, and the average value of the package awarded to managers in the top 10% was $579,000, according to the investment management association.