Remember that time you thought you might want to move to a fund in London?
Across the board compensation shrank by 50%.
Your average mid-level employee or director is now taking home a $US13,300 in their bonus as opposed to around $US220,000 in 2012.
Base salaries have fallen to just under $US150,000 from just under $US200,000 since 2012 as well.
Of course, there’s a reason for this. Simply — Hedge funds aren’t performing.
Hedge funds have returned 1% year to date, according to Goldman Sachs’ ‘Hedge Fund Trend Monitor’, an analysis of 775 hedge funds. Meanwhile the s&p 500 has returned 7%.
“Consistent large allocations to retail and media stocks in the Consumer Discretionary sector have been headwinds to returns,” said the report.
Hedge funds have allocated 20% of their assets to this sector, which has only returned 1% year to date.
That doesn’t mean funds are necessarily changing their strategies though.
“Portfolio turnover continued to fall to new record lows,” said Goldman.
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