Total compensation among the CEOs of large publicly traded money management firms fell an average of 2% in 2015, a year marked by market volatility and growth — or lack thereof — in operating income.
BlackRock Inc. Chairman and CEO Laurence D. Fink once again tops the list of the highest-paid executives among 13 publicly traded money management firms that have so far disclosed 2015 compensation information, having earned $26 million last year.
Although an analysis of proxy statements by Pensions & Investments shows that Mr. Fink's compensation went up by 9% from 2014, BlackRock's own accounting measure showed his total compensation to be flat from the year before.
Mr. Fink's package included a $900,000 base salary, an $8.72 million cash bonus and deferred equity of $4.095 million. The remaining $12.285 million was a long-term incentive award.
Mr. Fink's cash bonus in 2015 was 4.4% lower than the previous year.
Lloyd C. Blankfein, chairman and CEO of Goldman Sachs Group Inc., is the second highest paid, at $23 million. Mr. Blankfein's pay decreased 4.2% from the previous year.
Of the 12 remaining proxy statements collected from other money managers, six CEOs received increases in pay from 2014, while the other six saw year-over-year declines.