In a recent report Greenwich Associates, assessing the rarely examined area of compensation, shows most compensation rising significantly, but with a relative fall in the position of funds from American owned subsidiaries.
The population for this survey was 354 of the largest tax exempt funds in the UK, representing 73% of the Greenwich Associates universe of 488 funds, each with assets of over £50 million.
From 1993-96 the average salary in UK corporations increased from £46,500 to £50,000, bonuses increased from £4,600 to £6,300 with total compensation up from £49,100 to £54, 500. Overall compensation increased by £1,600 in 1996.
For subsidiaries of US companies, managers received slightly lower compensation with a salary in 1993 of £39,800 which increased to £43,300 over the four years. Bonuses increased from £ 5,100 to £6,300 making a total rise in compensation from £42,800 to £46,800. The overall increase in the last year was £300, with this small rise accounting in part for a fall in the position of US company subsidiaries when compared to other categories.
Non-US subsidiaries have moved from being lower than US subsidiaries to a position between these and UK-based corporations in what is a dramatic change in compensation levels between 1993 and 1996. The salary increased from £34,200 to £45,200 over four years. Bonuses increased from £4,800 to £8,300 and the overall changing from £37,000 to £51,000. The increase in the last year was a dramatic £11,300, accounting for the change in their relative position.
Local authority funds have, not surprisingly, remained at the bottom of the compensation table for the entire period. Salary from 1993-96 changed from £36,400 to £38,400 and bonuses changed from £2,300 to £1,800. There was a fall of £400 in the average bonus in the last year. Total compensation did, however, increase over the four years from £36,600 to £38,500. The total compensation last year showed a rise of £2,200.
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