Distressed Managers Lead The Pack

Total compensation for U.S. fixed-income investors rose by more than 10% last year, with distressed investors leading the pack, as low interest rates and improving corporate fundamentals fueled significant spread tightening.

  • 27 Aug 2004
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Total compensation for U.S. fixed-income investors rose by more than 10% last year, with distressed investors leading the pack, as low interest rates and improving corporate fundamentals fueled significant spread tightening. Investors' average salaries increased by around 5% to nearly $160,000, and bonuses increased by more than 15% to about $195,000, according to a recent report from Greenwich Associates. Distressed managers raked in a little more than $1 million, up from $694,000 in 2002.

Fixed-income portfolio managers made an average of $374,000 last year, up from $326,000 the previous year, while hedge fund professionals saw their pay increase to $749,000 from $597,000. The data was compiled during the first half of this year when the Greenwich, Conn.-based consulting firm polled nearly 1,500 institutional investors from banks, insurance companies, hedge funds and mutual funds.

Distressed hedge fund investors were the big breadwinners, earning nearly $1.25 million, up from $786,000 in 2002. Elsewhere, below investment-grade credit managers were paid $695,000, up from $516,000.

The low rollers include mortgage-backed managers, who made an average of $257,000 in 2003 and $241,000 in 2002; asset-backed portfolio-managers, whose compensation rose to $292,000 from $268,000; commercial mortgage-backed securities portfolio managers, who took home $358,000 compared to $344,000. Investment-grade portfolio managers, meanwhile, cashed in on $325,000 in 2003 and $262,000 the previous year.

  • 27 Aug 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 132,387.73 545 8.30%
2 Citi 123,981.47 487 7.78%
3 Bank of America Merrill Lynch 105,093.26 413 6.59%
4 Barclays 99,545.40 383 6.24%
5 HSBC 81,053.20 424 5.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 11,525.35 30 7.25%
2 BNP Paribas 8,422.96 46 5.30%
3 UniCredit 8,389.55 43 5.28%
4 Deutsche Bank 8,298.69 30 5.22%
5 Commerzbank Group 7,837.68 40 4.93%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 4,425.28 19 11.23%
2 Goldman Sachs 4,006.06 15 10.17%
3 Citi 3,527.84 22 8.95%
4 JPMorgan 2,809.08 19 7.13%
5 UBS 2,241.39 12 5.69%