The Monday edition of the
Wall Street Journal
bad, though not unexpected, news for fundsters.
Journal reporter Aaron Lucchetti
on a report by
executive recruiting firm Russell Reynolds
that estimate a bonus pool shrinkage of as much as 35 percent at
"Asset managers are suffering another down year" because they are "feeling the full brunt of the downturn that started last year," Russell Reynolds managing director Debra Brown
was quoted in the article as saying.
Brown also pointed to an unnamed fund firm that recently conducted an "internal roadshow" to dial down expectations on pay.
Russell Reynolds estimates that 2009 pay at some fund firms is likely to be flat to down by a few percentage points. As for firms that have struggled more than the others, employees are likely to see pay cuts of 20 to 35 percent.
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