The bad news: A chief executive officer of a mutual fund company received less than a 1% raise this year.
The good news: The average compensation package totaled a bit more than $1 million, according to data from a new survey by Buck Consultants, New York.
The average total compensation across the rest of the mutual fund industry increased 3.8%, the survey found. The average was brought up by the better raises the fund industry awarded in 1997 to other senior managers.
Chief operating officers, for example, saw compensation soar 18% to an average $766,000, while chief administrative officers received compensation hikes of 23% to an average package of $225,700.
Heads of fixed-income investment strategy had a 25.4% increase to an average of $652,900, and senior fixed-income portfolio managers received a 17.8% increase, bringing their average compensation to $287,700.
But not everyone in the mutual fund world fared as well, despite the roaring bull market and swollen profits. The heads of taxable bond investment saw their compensation dip 37% to an average of $540,200, and heads of tax-exempt securities received pay cuts of 15.5% to an average $375,900.
Next year promises to be a bit rosier. Buck said mutual fund company employees are expected to receive slightly better raises than general industry companies. Merit increases for fund company employees are expected to average 4.3% next year, compared with 4.1% for general companies.
Buck found mutual fund firms are expanding the use of bonus and incentive plans to include non-managerial employees.