Equity markets may be volatile, but fund managers are still laughing all the way to the bank.
Recruiters say salary packages for fund managers are on the rise, with bonuses now topping 100% of salaries. Top packages for experienced fund managers are now said to be in the region of AU$500k, including bonuses. Below the top tier, packages of AU$250k to AU$300k are not uncommon.
“Salaries can go right up to half a million dollars for people who really know their stuff,” says Matthew Gowan, senior manager of Hays Banking. “In the roles we’ve recruited in the last 12 months, we’ve seen typical packages comprised of 50% to 70% base salary, and the rest as performance-based incentives or commissions.”
Meredith Jordan, of Jon Michel Executive Search, says fund manager salaries as a whole have gone up by between 10% and 20% in the last year, depending on the firm.
“Firms are now warming to the idea that rather than waiting for a long time to get the right person they might as well cough up a few more thousand dollars on the basis of getting the right person now rather than later,” she says. “When the right person comes along you have to snap them up.”
Jordan says entry-level roles are fetching about AU$55k as a salary package, but those just two years in are fetching on average almost double, between AU$90k and AU$100k.