Base salaries for hedge fund and mutual fund managers are projected to increase 3.5% and incentive pay is projected to rise by 0-10% from 2011 to 2012, according to a new study fromGreenwich AssociatesandJohnson Associates.

On the mutual fund front, incentive growth in fixed income is projected to outpace that in equities in 2012 due to the flow of funds into fixed income and the uneven performance of equity funds, according to the study. In equities, portfolio managers can expect their base salary to increase in 2012, coupled with incentives that are flat to just 5% higher than 2011 levels. Fixed-income PMs can expect slightly stronger growth in incentives, with increases projected between 5% and 10% from 2011 to 2012.

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