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Bank claim: UK fund managers brace for bonus cap

UK investment fund managers are facing a pay cap similar to the ceiling placed on bankers' bonuses following a European vote.

The European Parliament's monetary affairs committee voted last week to approve bonus rules applying to asset managers managing funds known in the industry as Ucits.

Under the legislation, if introduced, bonuses for fund managers would be restricted to 100 per cent of basic salary with half being paid on assets of the funds they manage.

"The Ucits bonus cap will help strengthen investor protection and reduce risky speculation," said MEP Sven Giegold.

"It will also complement the recently-adopted EU rules capping bankers' bonuses, ensuring these rules cannot be circumvented and providing for a level playing field."

Last month, MEPs and EU ministers provisionally agreed a deal which would bar bankers in Europe from getting bonuses bigger than their salary.

Discussing the proposals, Jon Terry of accountancy firm PricewaterhouseCoopers, said they had potential implications for the insurance industry.

"The insurance industry is likely to be nervous as they watch the banks, hedge funds and asset managers being hit with ever increasingly rigid regulations of their pay," he said.

"Many will now be concerned that it could only be a matter of time until similar regulations affect them."

John Fieldman

Having worked in the City for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801562247-ADNFCR

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