To earn themselves big bonuses, portfolio managers are more concerned about their firm’s profitability and drumming up new business, than they are how well they do by shareholders’ returns, The Wall Street Journal reports today.

Citing a University of St. Louis survey of 400 portfolio managers that revealed that bonuses comprise 45% of portfolio managers’ pay, the survey went on to discover that a firm’s profitability and new business are more important to the fund skippers than beating a benchmark. On the bright side, however, beating a benchmark did top their concerns for net asset flows.

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