mployment at Merrill Lynch Investment Managers
is down to about 3,000 from 4,000 people at the market peak, Bob Doll
, head of the unit said in an interview with Barron's. Doll said the cuts reflect a consolidation at the firm. The number of funds sponsored by MLIM is now 125, down from 165 at its peak.
Along with slimming down, Doll is also implementing a new compensation package for fund managers. Half of a fund manager's pay is now based on one-, three- and five-year investment performance; one-quarter on assets and one-quarter on peer reviews, he told the paper.
Under the peer review "partnership voting" system managers can vote up to 100 points to each other.
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