It isn't happy news for U.S.-based investment managers who are watching their own bottom lines shrinking. Their median compensation is expected to fall to $148,000 in 2003, which represents a decline of 22% over 2001's frothier levels of $190,000 and a 10% decline from 1999's median income level of $165,000.

Those figures are according to a new biannual survey jointly released by the Association for Investment Management and Research, the not-for-profit professional membership group based in Charlottesville, Va., with 60,000 members in 112 countries or territories, and Russell Reynolds Associates, the executive recruiting firm of New York. The survey included the responses of nearly 16,500 portfolio managers, securities analysts, pension managers and senior level executives who are AIMR members, as compiled by Wirthlin Worldwide during the first quarter of 2003.

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