With performance under par, hedge fund managers got smaller year-end bonuses for 2011, according to the Hedge Fund Compensation Report, released Tuesday.

The average cash compensation in 2011 was $311,000, up only slightly from 2010 and supported by a larger increase in base pay, according to the report, based on data collected from hundreds of hedge fund managers and employees. Hedge Fund Compensation Report did not break out figures for average base salaries and bonuses, but there have been reports of Wall Street bonuses declining by 30% to 40%.

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