It's a very dark and very scary time.
Portfolio managers at hedge funds, facing an exodus of investors frustrated with high fees, are about to feel the pain from an estimated 34 percent reduction in their compensation. While fund managers may take the biggest pay cut in the industry, professionals with seven or more years of experience see their total compensation declining by 14 percent on average for 2016, recruiter Odyssey Search Partners said in a report this week following a September survey of 500 hedge fund professionals...Firms experiencing outflows this year are expected to pay 37 percent less in bonuses than those that had inflows, producing a payout closer to $288,000 compared with $394,000 for the better-performing funds, according to the report.
But there is a small glimmer of a bright spot in all of this misery: 20-somethings will be buying ALL of the drinks at Brother Jimmy's in Murray Hill.
Junior analysts are the exception when it comes to pay. Those with less than three years of experience expect their compensation to increase on average by 10 percent to $321,000.
Let that be of comfort to you all.