Mutual Fund Manager Salary

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Reliance Mutual Fund CEO Sundeep Sikka received Rs 3.5 crore as salary and Rs 10.24 crore as “one-time payment” in 2015-16.

Mutual Fund Manager Salary

MUMBAI: At least 20 mutual fund houses on Monday disclosed the pay packages of their top executives in compliance with the Securities and Exchange Board of India’s (Sebi) diktat to disclose the salaries of key executives.

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As of Sunday, the deadline to comply with the law, only a few financial houses had provided details while seeking the regulator’s comments on some of the details of the announcement.

On Monday, industry body AMFI met Sebi director UK Sinha and other officials who clarified that investment houses must disclose the salary or wages of key management personnel only to the investors of the investment house. the fund.

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Two people are dragging their feet on this requirement, as they did not feel comfortable putting this information on their web pages for public use.

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Financial firms have restricted access to this information by requiring investors to provide their portfolio numbers before viewing the information.

HDFC Mutual Fund CEO Milind Barve and Prashant Jain, Managing Director and CIO salary is Rs 6.25 crore and Rs 6.16 crore respectively. Additionally, Barve’s remuneration package includes Rs 19.96 crore for the Esops financial year, while Jain received Rs 16.33 crore. These are one-time payments and are not part of the annual salary. These Esops were issued during 2008-2013.

In the case of ICICI Prudential, the fund’s CEO Nimesh Shah earned Rs 5.4 crore in 2015-16, while its CIO S Naren earned Rs 4.75 crore during the period. Reliance Mutual Fund CEO Sundeep Sikka received Rs 3.5 crore as salary and Rs 10.24 crore as “one-time payment” in 2015-16.

The fund’s CIO, Sunil Singhania, received Rs 3.36 crore as fixed salary and Rs 4.64 crore as “one-time payment”. Credit Reliance CIO Amit Tripathi received Rs 1.64 crore as fixed salary and Rs 89 lakh as ‘one-time payment’.

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The regulator has asked the AMCs to disclose the salaries of all senior employees, as well as those whose annual salary is equal to or above Rs 60 lakh per annum, within one month from the end of the exercise.

Under the revised regulations, AMCs can distinguish between long-term earnings that include a special amount calculated for the purpose of the option granted under Esops.

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To read the full story, subscribe to ET PrimeLog to read the full article. You have this article as a free gift. The high salaries of mutual fund managers are often more a matter of speculation than record. The lack of transparency in these matters was part of the motivation behind the protests against the financial sector and Wall Street in the United States in 2011. “Things are out of control at the end of the wage scale.” , founder and chief financial officer. of Bridgeway Capital Management, John Montgomery told Bloomberg in 2017. Montgomery is one of the few mutual fund managers who has ever disclosed his salary: it was $626,639 in 2011. He is not ‘he announced it recently, all and it was reported that he. he said. he only takes seven times the salary of the company’s lowest paid employee.

Scrutiny of mutual fund prospectus continues to support the perceived lack of transparency. In these extensive documents, no clear language is used to specifically indicate the fees paid to fund managers for their consulting services. The Statement of Supplementary Information provides investors and the public with a lot of information, although it is still limited. It’s not published to protect fund managers, but that doesn’t account for the poor language used in general earnings reports.

The fund manager’s income structure is usually a salary plus a performance bonus. A February 2018 survey of 4,500 mutual funds published on

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Showed that 75% of mutual fund advisors are paid expressly for fund performance, and this compensation structure is more common with larger funds. The industry’s top fund managers are known to contribute between $10 million and $25 million annually in exchange for hiring stock-picking expertise. Fund managers receive additional income based on total assets under management.

As of October 2018, Salary.com reports that the annual salary for a portfolio manager ranges from $65,589 (for someone with less than two years of experience) to $135,153 (for a position with high). However, most of the fund manager’s income usually comes from bonuses rather than their base salary.

The average annual income of fund managers also varies according to the type of financial institution. A survey conducted by Russell Reynolds Associates revealed that bank chief financial officers earn $140,000, while mutual fund managers at insurance companies earn $175,000. managers earn an average of $436,500.

Will Danoff manages Fidelity Contrafund (FCNTX), the largest actively managed equity mutual fund in the United States with a portfolio of $135 billion as of September 2018. Fidelity Contrafund’s performance stands out from the rest fund, as it has passed Standard & Poor’s. 500 index several times. Being a core fund manager requires an extraordinary amount of dedication on the part of Danoff, who consults with more than 1,000 companies a year to make portfolio choices that support the fund’s success. He spends most of his time researching current finances. He has been a fund manager since September 1990.

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The current standard states that the regulatory fee is 0.60%. This means that when an investor buys $10,000 worth of shares in the fund, $60 will go to compensation for Danoff and other investment advisors. A supplemental statement appearing in the fund’s prospectus indicates that Danoff’s compensation includes annual salary, bonus and stock-based compensation. Definitions of compensation structure can vary widely from fund to fund, reducing transparency of compensation details. Mutual fund managers typically make up 1% of total assets under management. That means that Danoff’s annual compensation is above the average of $436,500 and more than $10 million, but Fidelity does not benefit from investors, the US government or other Fidelity fund managers knowing the number. direct.

Although hedge fund managers earn less per year than hedge fund managers (top hedge fund managers reportedly earn billions a year in large management and performance bonuses), investment management Finance is often a more stable profession. The probability of being fired due to organizational changes in the company or poor performance of the fund is usually lower in the fund management role. However, this does not mean that being a manager of a large investment fund in the United States is an easy job; The job is high-pressure and demanding, and fund managers are quickly moving away from the past poor performance of the managed funds industry.

Investments in US mutual funds have increased significantly since the financial crisis of 2008, perhaps more than expected given the negative effects mutual funds have had on the US economy and housing stock. leave the job. Institutional and consumer investment in financial instruments makes the future of the new funds used by banks, insurance companies, mutual fund companies and trading firms more efficient. All these companies want to hire people with the ability to pick stocks that can outperform indexes, a growing challenge given the competition facing human managers from robo-advisors and informally managed funds that mirror those indexes, for some very low fees.

While financial institutions may be the most selective when it comes to selecting candidates for future portfolio managers, insurance companies, banks and brokerage firms are provide more freedom in terms of previous work history and choice of educational institution. The financial services industry uses a short-term model for selecting talent for these roles, with new managers given one to three years to improve fund performance before being offered a management opportunity. Like Will Danoff and other long-time fund managers they have held their positions with consistently good performance.

Fund Of Funds (fof)

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