A Top 25 Fund Firm Cuts Wholesaler Comp
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Friday, January 8, 2010

A Top 25 Fund Firm Cuts Wholesaler Comp

Due to the weak job market, workers everywhere currently do not have the strongest hand against their employers. Mutual fund wholesalers are not exempt from this.

A top 25 fund firm is cutting basis point payouts by about 20 percent for mutual fund sales and 50 percent for separately managed account sales, according to an industry source who talked to three of the fund firm's wholesalers.

The cuts, not surprisingly, did not sit well with the wholesalers. The fund firm held what the source calls an "emergency meeting" today with wholesalers to tackle the compensation issue.

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