Fund management staff earning more than €1m at UK banks saw pay almost double in 2012, according to European Banking Authority (EBA) data.
Data from the EBA reported by the Financial Times shows top-earners at UK fund groups received average total pay of €2.1m last year, up from €1.1m in 2011. The figure is also higher than the average of €1.9m earned by investment banking peers in 2012, according to the FT. That compared with a drop of 25% in pay for equivalent staff at German banks and a 6% rise in France. The discrepancy is likely accounted for by bonuses for UK staff, which rose from three times fixed pay in 2011 to five times in 2012.
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