Demand for investment industry executives is up as much as 15% from last year, with many firms paying higher premiums to bring top talent on board, according to Russell Reynolds Associates.
In its fifth annual Investment Management Recruiting Trends report, the New York-based executive recruiter said 2004 is the most competitive employment market in five years.
Annual compensation is 15% to 20% higher than 2003.
A chief investment officer/president was recruited to a firm with $110 billion in assets under management for a base salary of $500,000, a minimum bonus of $4 million and a long-term incentive award of $2 million, plus significant equity, according to the report. The chief operating officer of a prominent midsize asset management firm will earn more than $2.2 million in total compensation, including a base salary of $300,000.
"We have a lot of clients thinking about top-line growth again," Debra Brown, a managing director with Russell Reynolds' investment management practice in New York, said in an interview. "All of a sudden, (firms) are putting the cutbacks behind them and are really able to focus on building and reinvesting in themselves."
