Mutual funds are becoming known for charging fees that are "too high", but the extra cash does not appear to be making it into the chief's paycheck. Bloomberg just released
its top 50
highest paid CEOs of financial services firms, and the first mutual fund CEO does not appear until number 22.
One reason for the dearth of mutual funds on the list is that today's mutual fund shops are part of larger financial conglomorates, and the fund business is often just not that large compared to the rest of the business. A second reason is that the list only covers public companies, and many of the largest mutual fund shops remain privately held (think Fidelity and Vanguard as prime examples).
While the two name founders of KKR hold down the number one and two positions, John Strangfeld (Prudential) is number three, and Jamie Dimon (JP Morgan Chase) is fourth.
Larry Fink of BlackRock places at number six. Mutual funds are more important to Fink's business than any of those coming in higher.
Other notable names are Joe Hooley (State Street) at number 13, Fred Waddell (Northern Trust) at 17.
The first "pure play" mutual fund CEO on the list is Invesco's Marty Flanagan at number 22.
Then Franklin Resources CEO Greg Johnson appears at thirty, and T. Rowe Price's Jim Kennedy just squeezes into the top forty.
Interestingly, Warren Buffet ends the list at number fifty.
Sean Hanna, Editor in Chief
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