Managers Fared Better Than Their Funds

华尔街的金融高管们正纷纷放弃奖金，接受了1美元的年薪。但共同基金的老板们并没有遭受这么残酷的打击。虽然薪酬也有所下降，但他们的降薪幅度并不像业绩遭受沉重打击的其他金融高管那么明显。去年美国股市基金平均下跌了39%，跌幅接近整体市场。但大多数共同基金高管的薪酬是和公司的利润相关的，而不仅仅是取决于基金业绩。即便他们投资组合遭受严重下滑，一些投资者弃之而去，大多数高管仍然可以从基金资产获取利润。而且，共同基金高管还没有从附带政府限薪令的问题资产救助计划(Troubled Asset Relief Program)那里接受联邦资金救助。过去十年，共同基金经理们一直排在金融领域的座次后面，被更高收入的对冲基金经理和华尔街交易员踩在脚下。但这种状况可能正开始发生变化。纽约薪酬咨询公司Johnson Associates Inc.董事总经理约翰逊(Alan Johnson)说，对基金公司而言，没有参加问题资产救助计划带来了优势。拿波士顿基金公司Eaton Vance来说，截至去年10月的12个月，这家公司旗下大约30只股票基金全线亏损。但根据近期一份文件显示，首席股票投资长理查德森(Duncan W. Richardson)去年依然入帐370万美元。大多数收入来自于一项现金奖，这笔奖金比2007年减少了20%。Eaton Vance发言人表示，尽管价值缩水，但与同类基金和基准股指相比，大多数基金仍表现不错，尤其是以较长期的眼光来看。她还指出，公司去年销售强劲。截至去年10月的上一财年，Eaton Vance不包括某些费用的利润增长了2%。Eaton Vance是首批公布2008年薪酬数据的基金管理公司。未来几个月，Legg Mason Inc.Janus Capital Group Inc.和BlackRock Inc.等公司将在委托书中公布各自数据，去年年底的股市暴跌可能会对它们的薪酬数据造成更大影响。来年基金公司的薪酬状况还是个未决问题。猎头公司Russell Reynolds Associates近期根据求职信息对基金经理薪酬进行了预计。例如，2008年初以前，最顶尖的国债基金和投资高速增长公司的增长性股票基金经理的年薪在100万-300万美元。管理资产超过1,000亿美元的投资公司老板年薪在1,000万-1,600万美元间。Russell Reynolds Associates预计，此后许多公司的薪酬数据都下降了一半以上。Diya Gullapalli相关阅读都怪成功会上瘾 2009-02-19高盛联席总裁退休 07年薪酬6,750万 2009-02-18美银行高管面临更严苛的限薪规定 2009-02-16议员狠批银行大佬 花旗CEO领1美元年薪 2009-02-12通用汽车计划今年进一步裁员14% 2009-02-11原声视频：加州经济噩梦时期降临 2009-02-09美限薪规定存漏洞 效果可能大打折扣 2009-02-06通用电气首席执行长反对奥巴马的薪酬限制计划 2009-02-06 本文涉及股票或公司document.write (truthmeter('2009年02月20日09:58', 'EV'));Eaton Vance Corp.总部地点：美国上市地点：纽约证交所股票代码：EVdocument.write (truthmeter('2009年02月20日09:58', 'BEN'));Franklin Resources Inc.总部地点：美国上市地点：纽约证交所股票代码：BENdocument.write (truthmeter('2009年02月20日09:58', 'STT'));道富银行英文名称：State Street Corp.总部地点：美国上市地点：纽约证交所股票代码：STT


Financial executives across Wall Street are handing back bonuses and agreeing to work for $1 a year. Such austerity hasn't hit mutual-fund big shots as hard. Their pay has been scaled back, but not by as much as others whose performance has suffered mightily.In 2008, the average U.S. stock fund was down 39%, close to the overall market's decline. But most mutual-fund executive compensation is tied to the profitability of the firm, not just how funds perform. Even if their portfolios slide badly and some investors leave, most executives continue to draw profits creamed from fund assets.What's more, mutual-fund executives haven't been drawing on federal bailout money from the Troubled Asset Relief Program, which attaches government pay clampdowns.Over the past decade, mutual-fund managers have been shunted down the financial-world pecking order, behind higher-paid hedge-fund operators and Wall Street traders. That might be starting to change. For fund firms, 'not being under TARP does give you an edge,' says Alan Johnson, managing director of Johnson Associates Inc., a New York compensation consultancy.Take Eaton Vance, the Boston money manager whose roughly 30 stock funds were all in the red for the year through October. Chief stock investment officer Duncan W. Richardson earned $3.7 million in 2008, according to a recent filing. Most of that came via a cash bonus, which was down 20% from 2007.An Eaton Vance spokeswoman said that, despite the declines, the majority of funds did well compared with peers and market benchmarks, especially over longer periods. She also notes the firm had strong sales last year. Eaton Vance's earnings figure, excluding certain charges, was up 2% for its fiscal year through October.Eaton Vance is in the first wave of money-management companies to report 2008 pay. Others like Legg Mason Inc., Janus Capital Group Inc. and BlackRock Inc. will release their own figures in proxies over the next few months. Their results likely will be affected more by the late-2008 stock rout. It is an open question what fund firm pay will look like in a year.Recruiter Russell Reynolds Associates recently estimated manager pay based on executive searches. For instance, top bond and growth-stock managers, who invest in rapidly expanding companies, earned between $1 million and $3 million through early 2008. CEOs running investment firms with over $100 billion in assets made between $10 million and $16 million. The figures have come down by more than half at many firms since then, Russell Reynolds Associates estimates.Diya Gullapalli