Hedge Funds Widen Pay ‘Chasm’ Over Banks, Weinstein Says
The top 5 percent of hedge funds have increased the gap between the amount they pay traders and what Wall Street banks offer, recruiter Ilana Weinstein said.
“The chasm there is great, and maybe it’s time to stop comparing the sell-side to the buy-side,” Weinstein, founder of IDW Group LLC, said in a Bloomberg Television interview with Erik Schatzker and Stephanie Ruhle. “It’s never been bigger, that divide.”
The biggest investment banks, including New York-based Goldman Sachs Group Inc. and Morgan Stanley (MS), are setting aside a lower portion of revenue for employee pay amid regulatory pressure and shareholder demands for higher returns. Hedge funds run by Paulson & Co. and Elliott Management Corp. posted yearly gains, and Barclays Plc said this month the industry may see the largest net inflows since 2007.
http://www.bloomberg.com/news/2014-01-29/hedge-funds-widen-pay-chasm-over-banks-weinstein-says.html
