108840 BR FS Candidate Salary Survey 2013 FrontOff

7/27/2019 108840 BR FS Candidate Salary Survey 2013 FrontOff

1/17

Specialists in financial services recruitmentwww.michaelpage.co.uk/financialservices

Front Office Banking, Markets & Asset Management

FINANCIALSERVICESSALARYSURVEY 2013


2/17

Introduction 03

Corporate banking 04

Syndications 04

Leveraged finance 05

High yield origination and execution 05

M&A/equity capital markets/equity research and sales 06

Restructuring (workout/advisory) 07

Project finance 08

Export finance 08

Structured trade and commodity finance (STCF) 09

Vanilla trade finance 09

Debt capital markets 10

Structured finance/securitisation origination, structuring, execution 10

Fixed income 11

Credit analysis 12

Credit research 12

Credit/debt funds 13

Distressed debt 14

Equities buyside 14

Strategy and fund research 15

Private equity 16

Contents

Michael Page Financial ServicesSalary Survey 2013 Front Office Banking, Markets & Asset Management


3/17

3Michael Page Financial ServicesSalary Survey 2013 Front Office Banking, Markets & Asset Management

I started last years commentary for the Financial Services

Salary Survey with these words: As we go into 2012

the opinion of many is that the Eurozone crisis has come

close to paralysing many financial institutions in terms of

forcing hiring freezes and redundancies. In many cases

this is true, but this is not the complete picture. You will

be unsurprised to read that we saw this theme continue

into 2012 and, as things stand at the moment, the start of

2013 will look like this for many of us; the large European

banks are cutting costs (headcount ) in many areas. Sector

teams, and some country coverage teams at bigger banks

have been deemed non-core and cut substantially, and

those in the eye of the storm, i.e. Portuguese, Greek &

Spanish banks, are retrenching and drastically reducing

their London presence altogether.

Many people are drawing parallels comparing the post-

Lehmans 2009 with 2012, but the big difference this

year has been that whilst many institutions are negatively

impacted, many others are much better placed and

have made the decision to take advantage of perceived

opportunities in the market.

This means selective hiring of the strongest candidates in

the market. Last year we saw M&A boutiques hiring senior

bulge bracket bankers and this year we have seen a similar

pattern with mid and small cap players recruiting senior

equity analysts to broaden their coverage of key sectors. In

the debt space we have seen a number of debt funds and

micro finance outfits set up to take advantage of the lack

of commercial lending (particularly to SMEs) being carried

out by the UK clearers. On the bond side we have seen

a number of boutique investment banks hire to support

their UK corporate bond businesses that shows no sign

of slowing down. At this stage the wall of debt, including

that from the CLOs, maturing in 2013 is yet to have a clear

solution, although the High Yield market is increasingly

being looked at to provide the answer. This certainly has

ramifications for private equity, with refinancing via the

bond market being talked about as a solution for them,

however whether this proves to be a reality remains to be

seen. So far we are only seeing the boutiques hire into

the debt space. The conundrum of high-rebased salaries

verses bonus remains with many institutions not certain

they have the right balance and some even considering

making a U-turn to reduce salaries in exchange for higher

bonus potential. Many believe that the 2013 bonus round

will be one of the worse on record, however, there remains

the fundamental truth that outstanding revenue generators

will continue to be well rewarded. We have seen this

evidenced by the numerous placements we have completed

this year that have included a sign on/guaranteed bonus.

Looking forward to 2013 we expect to see funds continue

to hire on a selective basis. Having seen many analysts

and associates come out of investment banks in 2012

across M&A, DCM and leveraged finance (as they did in

2008/2009) there is the strong chance (as happened

in 2010) that in 2013 these teams will find themselves

too lean and have to re-hire, providing, of course, that

transaction volume increases.

At the senior end of the market, directors /MDs who are

genuine rainmakers continue to demand high premiums.

Across the board whilst many candidates are staying put

and keeping their heads down, increasingly, we are seeing

a growing recognition that staying put in a team is not, in

fact, a safe option at all, since the best teams want the

best people who have been active in the market completing

transactions; the moral then, is that if your team/bank is

not open for business, it can be career suicide if you stay

too long. We saw this in the hiring bounce 2010/2011

when were asked only to source those who had been in

active teams.

Introduction

For more information, please contact Andrew Breach:

t: 020 7645 1437

e: [email protected]: www.michaelpage.co.uk/financial-services

whilst many institutions

are negatively impacted, many

others are much better placed

and have made the decision

to take advantage of perceived

opportunities in the market.

we are seeing a growing

recognition that staying put in a

team is not, in fact, a safe option

at all.


4/17

Michael Page Financial ServicesSalary Survey 2013 Front Office Banking, Markets & Asset Management 4

Corporate bankingThe banks have continued to maintain their

sector focused corporate banking relationship

managers. The effect of this has been less

movement than we have seen in other front

office disciplines over the past four years.

There remains a demand for strong candidates

who combine good sector knowledge with a

comprehensive network of clients. Cash and

liquidity management areas have also been busy

for banks of all sizes. On the financial institutions/

non-bank financial Institutions side there remains

a shortage of strong candidates in the market

and a high demand at all levels. Salary/bonus

levels in these areas remain at the top of

the brackets.

Corporate banking

Role Basic salary range () Bonus (%age)

Graduate/analyst 35,000-55,000 20-50

Senior analyst/executive 45,000-65,000 20-50

Associate/manager 55,000-75,000 30-70

VP/AD 65,000-90,000 30-100

Director 90,000-150,000 80-150

MD 140,000-250,000 100-250

For more information, please contact Tara Bagley:

t: 020 7645 1434


There remains a demand for

strong candidates who combine

good sector knowledge with

a comprehensive network

of clients.

Banks seek candidates

with strong institutional

fund contacts.

Syndications

Role Experience Salary () Bonus (%age)

Analyst 1-3 years 40,000-60,000 30-100

Associate 3-5 years 60,000-90,000 50-150

VP/AD 90,000-120,000 50-150

Director 120,000-200,000 50-200

MD 150,000-400,000 50-300

We have seen very little syndications recruitment

in 2012, mainly due to deal flow being down

considerably. Many of the larger banks have very

full teams and there is an expectation of some

cuts as we go into 2013.

One exception is sales, where we have seen

hiring in a number of the corporate banks and

they continue to sell down assets on their balance

sheets. The focus of these roles is leveraged

finance, corporate, project finance, ABS, etc.

Banks seek candidates with strong institutional

fund contacts as they are the principal purchasers

of these.

Syndications


5/17


Deal flow for larger transactions has been low this year and

mid market transactions have been down as well. As a

result we have seen very limited hi ring in leveraged finance

origination and execution in 2012. Some of the investment

banks have downsized and there is an expectation of

shrinkage of the corporate banks leveraged teams as we

head into 2013.

Some corporate banks leveraged teams have selectively

hired this year, however most recruitment has been

replacement hiring rather than growth. There are a few

exceptions, in particular corporate banks who are trying

to diversify their portfolios away from real estate into mid-

market leveraged finance.

Bonuses paid this year were down 30-50% on those paid in

2011 and the expectation for bonuses paid in early 2013 is

for similar or lower numbers.

There has been some recruitment in high yield this year,

although it is still below expectations.

There is some belief that high yield will form a large part

of the refinancing solution for the 2013 wall of debt,

hence we expect to see more hiring in the new year.

Salaries are generally higher than pure leveraged finance

teams and bonus % are quite similar.

Leveraged finance

High yield origination and execution


t: 020 7645 1434


Leveraged finance

Title/years of experience Basic salary range () Bonus (%age)

Analyst 1-3 years 40,000-60,000 20-70%

Associate 3-5 years 60,000-90,000 30-100%

VP/AD 90,000-120,000 30-120%

Director 120,000-200,000 50-120%

MD 150,000-400,000 50-300%

High yield origination

Title/years of experience Basic salary range () Bonus (%age)

Analyst 1-3 years 40,000-60,000 20-70%

Associate 3-5 years 65,000-100,000 30-100%

VP/AD 85,000-130,000 30-120%

Director 120,000-220,000 50-120%

MD 200,000-400,000 50-300%


6/17


Hiring activity in M&A has been slower this year

than last, with most larger banks going through

downsizing exercises. The majority of hiring has

been done by smaller and medium size boutiques

who have had the opportunity to pick up talent

and market share from their larger competitors.

Firms who focus on the mid-market and work

with privately owned companies are optimistic

about next year and are talking about plans to

hire in the new year. Sector experience that has

been in demand includes technology and retail,

and from a regional point of view there was

demand for Nordic and German specialists.

European ECM hiring has once again been quiet

and there is l ittle change from last year. Many

teams are now very small, and should market

confidence improve we expect there to be some

demand next year.

M&A/equity capital markets

Mergers and acquisitions/ Equity capital markets

Role/years of experience Basic salary range () Bonus (%age)

Analyst 1-3 years 40,000-65,000 20-60%

Associate 60,000-110,000 30-100%

VP 2-3 years/AD 90,000-140,000 50-150%

Director 120,000-200,000+ 100-300%

MD 150,000-300,000+ 150-400%

For more information, please contact Kathryn Pride:

t: 020 7645 1429


Across the sell-side bonuses were down for

2011 on 2010 by around 30% on average,

and expectations for 2012 bonus pools were

pessimistic at the half-year point. With some

banks reporting boosts in revenues, and further

cost-saving exercises taking place at most

institutions, this sentiment is starting to sway a

little to the more positive side.

European ECM hiring has once again been quiet

and there is little change from last year. Many

teams are now very small, and should market

confidence improve we expect there to be some

demand next year.

Sell side research at the bulge brackets has seen

a net downsizing, with smaller, mid-market

focused banks becoming attractive employers for

established analysts.

In sales, we have seen no change from 2011 in

terms of compensation, although there have been

substantial changes in headcount in 2012.

Equity research and sales

Equity research


Analyst 1-3 years' 40,000-60,000 20-50%

Associate 3-5 years' 60,000-90,000 30-80%

VP/AD 80,000-130,000 30-100%

Director 120,000-200,000 50-250%

MD 150,000-300,000 100-250%

Equity sales


Analyst 1-3 years' 40,000-70,000 20-60%

Associate 3-5 years' 60,000-90,000 30-100%

VP/AD 80,000-120,000 30-150%

Director 120,000-200,000 50-200%

MD 150,000-350,000 100-300%


7/17


We have seen some recruitment in restructuring

teams this year, however it has been much lower

than 2010 and 2011.

Some of the banks and investment managers

have hired selectively, with a strong preference

for candidates with accountancy qualifications

and significant restructuring experience. Bank

workout teams did very little hiring in the first half

of the year (aside from a couple of notable senior

hires), but have now started to be much more

active in searching for talent. Irish banks continue

to experience a lot of churn in their real estate

restructuring teams, hence have hired regularly in

2012. As we go into 2013 there is an expectation

that some of the larger restructuring teams and

non-core functions in banks will shrink as they

continue to sell off assets.

Hiring at the advisory firms has been relatively

flat this year, as most teams have had concerns

about future deal flow. At the larger houses

resources have been moved from M&A teams to

assist on specific mandates, and occasionally this

has been on a permanent basis, thus external

hiring has been very low overall. Candidates with

operational restructuring/turnaround experience

and strong modelling skills have been the most

sought after, and demand is concentrated on

the analyst to junior director level. With some of

the Big 4 firms downsizing their teams, there are

some very good candidates on the market.

Restructuring (workout)

Restructuring

Restructuring (advisory)


t: 020 7645 1429


Restructuring (workout)


Analyst 35,000-50,000 20-60%

Associate 50,000-80,000 30-100%

VP/AD 80,000-120,000 30-150%

Director 120,000-200,000 50-200%

MD 150,000-350,000 100-300%

Restructuring (advisory)


Analyst 40,000-60,000 20-70%

Associate 60,000-100,000 30-80%

VP/AD 85,000-130,000 30-100%

Director 125,000-220,000 50-120%

MD 200,000-400,000 50-300%


8/17


Project finance hiring has picked up in 2012 and

there has been upward pressure on PF teams to

increase salaries, even after re-basing has taken

place if they are to attract the top talent. There

are instances of disappointing bonuses for 2012,

particularly at Bulge Bracket Investment Banks,

however, top performers have continued to

receive good bonus numbers; over the last 12-18

months substantial re-basing of base salaries

has occurred, however, this is not universal or

uniform across the banks. With capital constraints

common, many lending banks are becoming

increasingly advisory focused and candidates

with that background have been very much

in demand, across all levels; some specialist

advisory boutiques have been a particular target

for candidates at Associate level. Despite the

market we anticipate continued demand in 2013,

across Infrastructure, power, oil and gas, as well

as the renewables, waste and PFI sectors (the

last being very much in the public eye in terms of

what the product will look like going forward).

Project finance

Role/Experience Basic salary range () Bonus (%age)

Analyst 1-3 years 40,000-65,000 30-70%

Associate 3-5 years 60,000-90,000 30-100%

VP/AD 80,000-130,000 50-120%

Director 120,000-220,000 50-200%

MD 150,000-350,000 100-300%

Role/Experience Basic salary range () Bonus (%age)

Analyst 1-3 years 40,000-65,000 20-70%

Associate 3-5 years 60,000-90,000 20-100%

VP/AD 85,000-130,000 50-120%

Director 120,000-220,000 50-200%

MD 150,000-300,000 100-300%


t: 020 7645 1437


Export financeThe credit crunch has been rather a renaissance

period for export finance and across 2011/2012

we have seen hiring across the sector from

corporates, banks and the ECAs themselves.

Candidates with languages are in high demand

and, logically, short supply, especially below

director level. Most banks have re-based in

export finance and although there is still an

element of export finance being the poor relation

to project finance (in terms of compensation),

most directors in export finance are now paid a

base between 150k and 200k.

Project finance hiring has

picked up in 2012.

we have seen hiring across the

sector from corporates, banks and

the ECAs themselves.


9/17


Structured trade and commodity finance

(STCF)

Vanilla trade finance

STCF has continued to be one of the few growth

areas across the complete spectrum of banking;

at the IB end of the market we have seen the

likes of JP Morgan, BAML and Citi build their

teams including some high profile senior names.

At the other end of the spectrum, many of the

London branches/subsidiaries of international

banks have returned to the market and boosted

their teams. As we go into 2013 a number of the

Middle Eastern banks have also started to look at

increasing headcount.

The Global Transaction Services (GTS) areas of

many of the large UK/US banks have expanded

as they look to focus on trade finance as a core

business to replace the lost income from their

newly declared non-core businesses (Equities

etc). Whilst many of the lifers at these institutions

remain very poorly paid, there has been upward

pressure due to this expansion and the best

candidates in this market are closing the gap

with their historically better paid colleagues in the

STF area.


t: 020 7645 1437


Structured trade and commodity finance (STCF)


Analyst 40,000-65,000 30-70%

Associate 60,000-90,000 30-100%

VP/AD 80,000-120,000 50-120%

Director 120,000-220,000 50-200%

MD 175,000-350,000 100-300%

Vanilla trade finance


Analyst 45,000-70,000 20-70%

Associate 75,000-110,000 50-100%

VP/AD 90,000-130,000 50-150%

Director 150,000-200,000 100-300%

MD 200,000-400,000 50-300%


10/17


The debt capital markets are more resilient than

other asset classes, due to the ongoing corporate

demand for refinancing existing bonds.

Although we have seen many of the investment

banks trimming headcount in DCM, throughout

2012, there has been a trend towards bonds

away from loans. Corporate bonds, in particular,

have seen a major resurgence and we are told

that 2013 this will only increase; investment

banking boutiques have added headcount in

2012 and will continue to do so in 2013. The

retail sector is a star in this space.

The Italian and Spanish banks that hired last

year in DCM FIG have stopped hiring; there

are instances of them now cutting back. The

Sovereign DCM space has been quiet from a

hiring point of view, and the hires that have been

made have been at the junior end. Emerging

markets is in a very different situation to where it

was some time ago whilst some banks see this

function as key to their revenue generation, most

large franchises are now looking to downsize

dramatically, devolving coverage responsibility

to product teams rather than relationship

specific teams we have seen many candidates

coming out of these teams in 2012. In terms of

compensation, whilst many successful teams

have maintained bonus levels for their key staff,

we have definitely seen a lowering of the bands

and there will be some 0%s paid this year. At the

top end the upper quartile has reduced, but the

best people in the best institutions are still well

paid.

Debt capital markets

Debt capital markets


Analyst 40,000-60,000 0-50%

Associate 65,000-100,000 30-100%

VP/AD 90,000-160,000 50-150%

Director 140,000-250,000 100-350%


t: 020 7645 1437


New deal flow has been low this year for

mortgage backed securitisation teams (CMBS

and RMBS), however the teams have remained

fully staffed to deal with the 2013 maturity wall.

We are faced with a continuing lack in of liquidity

in the market, hence they will be very busy

in 2013 to deal with difficult refinancing and

restructuring situations. US banks have shown

interest in growing teams in London to focus

on European and emerging markets structured

transactions, however there has been little actual

hiring in 2012. There is some expectation that

these hires will come to fruition in 2013.

Corporate securitisation seems to be an area of

interest, in particular emerging markets deals in

Turkey and Russia. Some teams have been shut

down this year and as a result others have grown

marginally to take market share. We have seen

a small increase in base salaries in 2012 and

bonuses were relatively similar to those paid

in 2011.

Structured finance/securitisationorigination, structuring, execution

Structured finance/securitisation origination, structuring, execution


Analyst 40,000-60,000 20-70%

Associate 70,000-115,000 50-100%

VP/AD 85,000-135,000 70-150%

Director 130,000-220,000 100-200%

MD 150,000-350,000 100-300%

We have seen a small increase

in base salaries in 2012.


11/17


FICC had a difficult time in H2 2011 with many

IBs reducing headcount, so although we did not

see a spike in hiring in 2012, those shops that

were open for business (or who have set up to

take advantage of the gap left by the IBs) have

taken the opportunity to upgrade their teams with

the strong candidates on the market.

Fixed income

Research/strategy





VP/AD 120,000-175,000 100-150

Di rector 150,000-250,000 100-200

MD 200,000-400,000 100-300

Sales





VP/AD 120,000-175,000 100-300

Director 150,000-250,000 100-400

MD 200,000-400,000 100-400


t: 020 7645 1437


Trading





VP/AD 90,000-160,000 100-300

Director 150,000-260,000 100-400

MD 180,000-400,000 100-400+

Structuring





VP/AD 120,000-175,000 100-200

Director 140,000-250,000 100-350

MD 200,000-400,000 100-400

those shops that were open

for business have taken the

opportunity to upgrade

their teams.


12/17


There remains a steady demand for strong credit

analysts at all levels going into 2013. The biggest

demand remains in FI (Financial Institutions) /

NBFI (Non Bank Financial Institutions) roles and

strong candidates at VP and above have moved

for strong increases and 100%+ bonuses. Aside

from the FI/NBFI arena, the busiest areas have

been specialist sectors including commodities/

structured trade finance and sovereign credit

where the higher salaries have been paid and the

strongest candidates have been in high demand.

There has been a strong demand for credit

research analysts in 2012 both on the buy side

and rating agencies. The main focus areas this

year have been financial institutions (banks and

insurance), infrastructure and utilities. Salary

levels at SVP plus level are now pushing 150k+.

On the buy side bonus levels, in particular,

increasingly depend on how research is used and

those making trading recommendations have the

ability to make multiples at a senior level.

Credit analysis

Credit research

Credit analysis





VP/AD 70,000-130,000 25-100

Director 85,000-200,000 30-150

MD 100,000-300,000 100-250

Credit research





VP/AD 70,000-130,000 50-150

Director 100,000-200,000 50-250

MD 150,000-400,000 100-400


t: 020 7645 1437


There remains a steady

demand for strong credit analysts

at all levels going into 2013.

Salary levels at SVP plus level

are now pushing 150k+.


13/17


Leveraged finance/high yield


Analyst 1-3 years 45,000-60,000 50-100

Associate 3-5 years 60,000-85,000 50-150

VP/AD 85,000-120,000 70-150

Director 120,000-150,000 100-250

MD 150,000-250,000 150-250

Infrastructure debt


Analyst 1-3 years 40,000-60,000 20-70

Associate 3-5 years 60,000-70,000 30-100

VP/AD 75,000-90,000 30-120

Director 90,000-120,000 50-150

MD 130,000-200,000 50-300

Investment grade


Analyst 1-3 years 40,000-60,000 20-50

Associate 3-5 years 60,000-70,000 20-70

VP/AD 75,000-90,000 30-100

Director 90,000-120,000 50-200

MD 130,000-200,000 100-200

Structured credit (ABS)


Analyst 1-3 years 40,000-60,000 20-50

Associate 3-5 years 60,000-70,000 20-70

VP/AD 75,000-100,000 30-100

Director 90,000-120,000 50-200

MD 130,000-200,000 100-400

We have seen some hiring in 2012, however

most have been replacement hires. Clients are

very particular about candidate profiles and many

of the investment banking sell-side candidates

have moved for lower bonuses and without

guarantees. Candidates are prepared to take

a hit for a better work/life balance and more

stable work environment. As we continue to see

consolidation of leveraged funds, redundancy is

becoming more common.

Salaries and bonuses in leveraged finance

and high yield funds have been relatively static

between 2010 and 2012, which is contrary to

what weve seen in investment and corporate

banking leveraged finance origination teams

where base salaries went up considerably and

bonuses down.

Again, there has been very little growth and most

hires have been replacements.

Candidates are generally moving for similar

salaries and without guarantees.

We have seen limited recruitment in this area

and salaries have been quite static. As banks

become less able to commit balance sheet to

infrastructure projects we expect to see a growth

in the number of funds able to provide debt for

infrastructure projects.

We have seen limited recruitment in this area and

salaries/bonuses have been quite static.

Credit/debt funds

leveraged and high yield

Investment grade

Infrastructure debt

Structured credit (ABS)


t: 020 7645 1434e: [email protected]

w: www.michaelpage.co.uk/financial-services


14/17


Earlier in 2012 we saw some notable senior

moves in this space, and we also saw some

businesses hiring into sourcing roles. From

September onwards weve seen teams looking

to expand their analytical capability at a junior

level to cope with increased investment

opportunity. With the considerable issues in the

Eurozone there appears to be a reasonable level

of confidence that this is not just another false

dawn for the European distressed market. We

anticipate activity in the first 6 months of 2013

during the bonus window.

Distressed debt


t: 020 7645 1437

e: [email protected]

w: www.michaelpage.co.uk/financial-services

Structured finance/securitisation origination, structuring, execution


Analyst 40,000-70,000 30-100

Associate 65,000-100,000 50-120

VP/AD 80,000-200,000 50-250

Director/portfolio manager 100,000-180,000 100-300

MD/portfolio manager 120,000-300,000 150-300

With the considerable issues in

the Eurozone there appears to be a

reasonable level of confidence.

Throughout the first half of 2012, discussion

regarding hiring in the asset management

industry within London was dominated by the

topic of the European crisis. The recent measures

taken by the ECB seem to have calmed the

sector somewhat, which has led to a slight

bounce in hiring activity in Q3. Nonetheless,

this activity is confined to a small number of

real money investors with hiring activity focused

around a narrow range of roles (infrastructure,

mid-cap).

Across the whole market there are a couple of

themes that have remained consistent over the

past year to 18 months: fundraising is difficult

and there is a clear divide between those who

can and those who are struggling; the regulatory

environment is making innovation difficult and

this is delaying activity; whilst immigration/

sponsorship contracts (in many countries, not

just the UK), candidates conversely become more

willing to relocate to historically less desirable

locations than London.

Equities buyside

Equities - buyside


Analyst 1-3 years 35,000-60,000 20-60

Analyst 4-7 years 55,000-90,000 30-100

Senior analyst 7 years+ 100,000-180,000 80-200

Head of research 150,000-250,000 100-300

Portfolio manager 70,000-125,000 50-150

Senior PM 125,000-250,000 100-300

Infrastructure equity


Analyst 1-3 years 40,000-60,000 20-60

Analyst 4-7 years 60,000-100,000 30-100

Senior Analyst 7 years+ 100,000-150,000 50-150

Portfolio Manager 125,000-250,000 100-200

The recent measures taken by

the ECB seem to have calmed thesector somewhat.


15/17


There has been sporadic demand for economists

throughout 2012 so far, in a similar pattern to

2010 and 2011. There has been a preference

for candidates with exposure to multiple asset

classes.

Junior candidates remain comparatively difficult

to source and clients remain interested in those

coming from Treasury, Bank of England and

FSA as well as other public sector bodies and

corporates.

The interest of fund-of-funds and fund advisory

businesses in hiring strong fund analysts that we

saw last year began to tail off during Q1 2012,

but we have seen a increase once again towards

the end of Q3 and we expect to see this continue

during the early part of next year.

Current mandates see clients looking for

coverage of larger US and European funds, as

opposed to the more EM coverage that they were

looking for last year.

Macroeconomic research and global strategy

Multimanager and fund research


t: 020 7645 1429


Equities


Analyst 1-3 years 35,000-60,000 20-60

Analyst 4-7 years 60,000-100,000 30-100


CIO/head of strategy 125,000-250,000 100-300

Infrastructure equity

Role Basic sa lary range ( ) Bonus (%age)

Analyst 1-3 years 35,000-55,000 20-40

Analyst 4-7 years 55,000-90,000 30-70


CIO 120,000-200,000 50-200

Strategy and fund research


16/17


Activity across the sector has remained quite

flat this year. In the traditional PE space, the

mid market funds have done more hiring, whilst

the bigger business have further diversified by

building out business in the debt space that

compliment their existing portfolios.

It is expected that refinancing of existing

investments (as investments reach their debt

maturity) will lead to there being a similarly flat

market next year from a hiring perspective,

although some funds may wish to increase their

internal expertise on debt structuring by hiring

leveraged finance or high yield bankers.

We expect clients to continue to employ

candidates who can help drive operational

improvement in portfolio companies.


t: 020 7645 1429


Private equity

Role Bas ic sa lary range () Bonus (%age)

Analyst 1-3 years 65,000-90,000 20-80

Senior analyst 3-5 years 70,000-110,000 50-120

VP/AD 100,000-150,000 80-200

Principal 150,000-250,000 100-400

Private equity

We expect clients to continue

to employ candidates who can help

drive operational improvement in

portfolio companies.


17/17

Part of the

108840 BR FS Candidate Salary Survey 2013 FrontOff

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