Fund manager group in fresh fight with EU
The coalition of fund managers that led the campaign against an EU bonus cap is drawing up a code of standards over how their staff are paid to ward off further onerous proposals.
The European Parliament last week rejected a plan to extend a curb on bonuses to a maximum of 100 per cent of salary from bankers to fund managers. The New City Initiative (NCI), comprising more than 40 independent fund managers, helped to persuade the UK Treasury and EU politicians that the move would damage their industry and ultimately pension funds.
However, NCI board member Dominic Johnson said there were further bureaucratic threats to fund managers, such as needing to establish independent remuneration committees even at firms that are partnerships with a small number of staff.
He added that the NCI would come up with alternative proposals to be submitted to the Treasury and the EU by the autumn. "We need to look at a code of standards for how performance fees are structured and made transparent to investors."
- 1 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 2 Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
- 3 Germanwings plane crash: I have depression. That doesn't make me a psychopath
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Germanwings plane crash: Investigators may have already found remains of suspected killer co-pilot Andreas Lubitz
Children take eight Isis captives to be beheaded in latest propaganda video
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...