Date
12 December 2017
Chief executives at British fund management firms have milked the rebound, their average bonuses jumping 19 percent in the last financial year. Photo: Bloomberg
Chief executives at British fund management firms have milked the rebound, their average bonuses jumping 19 percent in the last financial year. Photo: Bloomberg

Assets at British fund managers back to pre-crisis levels

British fund industry assets are back to their levels before the onset of the financial crisis, Reuters reported Monday, citing a study of fund firm annual reports by KPMG.

The accountancy giant’s Financial Reporting by Investment Managers 2014 report said the firms had reported average growth in assets under management of 13 percent in the 2013-14 reporting year, thanks to net inflows, improved equity market performance and favourable exchange rate movements.

KPMG did not give a total figure for assets under management.

The growth helped boost the average bonus payout to the firms’ chief executives by 19 percent. However, more than 70 percent of firms had a deferral scheme, with an average of 50 percent of bonuses deferred for three years.

Three-quarters of the firms had the ability to claw back awards for certain negligent or fraudulent acts, the report said.

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