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Wednesday, March 04, 2009

Vanguard Restructures Pay

News summary by MFWire's editors

Fund firms across the industry have announced job cuts of various sizes, but Vanguard's approach to the bear market appears to be different. The Philadelphia Inquirer's Joseph DiStefano reports that the Malvern, Pennsylvania-based firm upped base pay 15 percent while reducing its "Partnership Plan," a kind of bonus system based on Vanguard's corporate performance.

"It's hard to say what the impact will be on a crew-member-by-crew-member basis," a company spokeswoman told the Inquirer. "The intent is not to pay people more or less than previously, but to better align the rewards earned by each crew member with their personal performance and the overall performance of the company." 

Edited by: Neil Anderson, Managing Editor


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