Mark Gilbert , Columnist

The Robots Are Already Stealing Some of Your Bonus

Technology spending is eating into the industry’s compensation pool.

December 7, 2018 at 11:20 AM UTC

Mark Gilbert is a Bloomberg Opinion columnist covering asset management. A former London bureau chief for Bloomberg News, he is author of “Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable.”

Dastardly robots.
Photographer: Tim P. Whitby/Getty Images Europe

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The good news for asset managers is that they will get an average pay increase this year of 5 percent. The bad news is that increased spending on technology is reducing the amount of money available to their compensation pools.

That’s the conclusion of the annual Asset Management Compensation study jointly published by financial services research firm Greenwich Associates and pay consultants Johnson Associates. The study shows income growth for workers in the industry will slow from 2017, with volatile markets in the third quarter eroding their likely payouts for the year.