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Tuesday, October 12, 2010

How Much Do Employees Cost Asset Managers?

News summary by MFWire's editors

Fundsters interested in questions of compensation and benefits, particularly at publicly traded firms in the business, may want to take a look at this morning's edition of the Wall Street Journal. Stephen Grocer, Aaron Lucchetti and Liz Rappaport present the WSJ's own study on pay on Wall Street.

The study includes 35 publicly traded firms, including at least 19 with mutual fund arms. Of those in the mutual fund business, broker-dealer Raymond James (parent of Eagle Asset Management [see profile] is expected to devote the highest percentage (68.2 percent) of its revenue this year to compensation and benefits. And Waddell & Reed (parent of Ivy Funds [see profile]) came out with the lowest expected revenue percentage (13.2 percent) for pay this year.

Other mutual fund firms (or parents) highlighted in the article or its accompanying interactive graphics include:
  • AllianceBernstein [see profile] is expected to spend 44.7 percent of revenue this year on compensation and benefits,
  • 27.6 percent for Ameriprise (parent of Columbia Management [see profile],
  • 29.5 percent for Artio Global Investors [see profile],
  • 36.8 percent for BlackRock [see profile],
  • 38.6 percent for Charles Schwab [see profile],
  • 32.1 percent for Eaton Vance [see profile],
  • 26.9 percent for Federated Investors [see profile],
  • 18.6 percent for Franklin Resources [see profile],
  • 42.5 percent for GAMCO [see profile],
  • 43.0 percent for Goldman Sachs [see profile],
  • 43.6 percent for Invesco [see profile],
  • 32.0 percent for Janus [see profile],
  • 28.2 percent for JPMorgan [see profile],
  • 63.7 percent for Lazard see profile],
  • 39.5 percent for Legg Mason [see profile], '
  • 29.8 percent for SEI [see profile]
  • and 37.3 percent for T. Rowe Price [see profile]. 

    Edited by: Neil Anderson, Managing Editor

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