F&C chief Grisay takes 20% bonus cut - papers

The chief executive of F&C Asset Management collected a £1m cash-and-shares bonus last year as the spotlight turns on fund manager pay in the wake of the financial crisis.

Alain Grisay received £700,000 in cash and £300,000 in shares deferred for three years, according to F&C's annual report. The bonus came on top of Mr Grisay's £325,000 salary for running the FTSE 250 fund manager. It will rise by 7.7% to £350,000 this year, writes the Times. Mr Grisay and David Logan, the finance director, will be allocated £2.37m as a shares-based bonus target for the current financial year. The bonus payout for Mr Grisay is a 20% cut on last year, when he received about £1.2m, including £215,000 in pension benefits. Full story...