The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Multinational Asset Manager Freezes Pay For Its Top Earners Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 17, 2017

A Multinational Asset Manager Freezes Pay For Its Top Earners

News summary by MFWire's editors

A multinational asset manager with operations in the U.S. is freezing pay this year for its top earners.

Richard Mully
Aberdeen Asset Management
Non-Executive Director
UK-based Aberdeen Asset Management [profile] (whose U.S. HQ is in Philadelphia) has frozen salaries across the company for employees who earn more than 75,000 pounds (about $92,450), the board remuneration committee chairman, Richard Mully, reveals in his summary statement in Aberdeen's 2016 annual report. The firm also paid out 40 percent less in 2016 bonuses than it did in 2015. The Financial Times reported on Aberdeen's freeze.

The freeze comes after a tough year for Aberdeen, the FT notes. Aberdeen's before tax profits fell by more than a third last year, and its net revenues fell more than 10 percent. In the 12 months ended September 30, 2016, Aberdeen suffered nearly 33 billion pounds (about $40.68 billion) in net outflows.

Liberum analyst Justin Bates predicts that the pay freeze will make Aberdeen shareholders "quite happy," though he worries about "ructions internally" and possible employee exits.

Though some high earners could be exempt from the freeze, the report does not detail such exemptions. 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use