Low bonus expectations for London fund servicers

City of LondonRegulatory and fund services personnel in the City of London have the lowest expectations for bonuses, a recruitment agency has found in research that also says the average City salary is £96,458 (€123,160). Whereas 60% of respondents who work in the regulatory sector and 70% of people in fund services are expecting bonuses, the number increases to 81% of people in investment management. For other sectors the figure is higher. For example, all respondents to the Astbury Marsden survey who work for private equity firms and for ratings agencies expect a bonus. Meanwhile, the median 2014 salary was £68,825 in fund services and £90,000 in investment management. These figures have increased from 2013 by 5.1% and 5.9%, respectively. Changing job was the best way in 2014 for people in fund servicing to obtain a raise. On average they gained 16% in pay, which compares to a 12% raise in 2013. Job promotion led to an 8.6% pay rise while staying put earned a 4.7% raise. In investment management, meanwhile, changing jobs led to a 8.6% pay rise in 2014 – down from 13.5% in 2013 – a 12% raise if promoted, and 4.9% if jobs did not change. Across the City, including banking and brokerage, the average base salary increased 8% in 2014 to £96,458, with median basic pay 6% higher at £85,000. This is the first increase to median pay that Astbury Marsden has seen since 2011, "suggesting that the City is finally seeing the light at the end of the tunnel". However, women still appear to be treated differently. On average, women's basic salary is just 84% of their male colleague's salary. Whereas last year women received a higher pay rise when changing jobs or receiving a promotion, this year, men are seeing their pay rise more quickly. The survey took place between October 16 and November 3, 2014, and had 1,468 responses. London was recently said to have the highest pay for asset management vice presidents in Europe. ©2015 funds europe

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