Mutual fund portfolio managers are commanding a higher premium than portfolio managers of large pension fund accounts, according to George R. Wilbanks, managing director of the executive search firm of Russell Reynolds Associates. ``Whereas portfolio managers running large pension accounts were paid the highest salaries and held the glamorous positions in the 1980s, the most highly compensated portfolio managers today are at mutual funds,'' he said.
Equity fund portfolio managers with five-star ratings from Morningstar routinely are approached with salary offers from $1 million to several million dollars per year, he said. Mr. Wilbanks also noted that searches for non-investment, non-marketing professionals within money management firms have increased. Demand is up substantially for CFOs and information technology experts, directors of mutual funds, human resources, legal and other staff professionals.