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Alternative Market Briefing

Hedge fund compensation on the rise in 2012

Friday, November 09, 2012

Bailey McCann, Opalesque New York: Hedge fund compensation rose in 2012 following a challenging environment in the prior year, as industry assets rose to a record level, according to HFR and Glocap in the most recent edition of the Glocap 2013 Hedge Fund Compensation Report. Average gains across functional roles varied significantly as a direct result of a number of factors, with marketing and compliance and senior investment professional roles at profitable funds experiencing the largest increases. Overall, the average change ranged from a 15% increase to a decline of nearly 5% over 2011 levels.

Compensation structures continue to evolve to longer duration incentives, in contrast to the trend of greater liquidity, reporting and transparency for investors. Total hedge fund industry capital rose to a record of $2.19tn, as the HFRI Fund Weighted Composite Index posted a gain of +4.8% in the first three quarters of the year. Net new inflows over this period have remained concentrated in the most established firms, with firms managing $5bn or more receiving $43bn of inflows, while firms managing less than $5bn experiencing outflows of $12bn. Portfolio Manager compensation increases ranged from flat to +15%, with PM's at mid-performing, mid-sized firms receiving an average of $1.3m; top performing and larger firm PM's more than doubled this figure.

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