Average pay at Dublin fund managers is over €190,000
AVERAGE pay at Dublin-based fund managers Harbourmaster Capital topped €190,000 last year, it was revealed yesterday.
According to accounts just filed, the average salary for the firm's 27 staff in 2010 stood at €191,895. That was more than 20pc lower than 2009, however, when the average wage was some €241,072. The cut in salary came despite profits after tax surging to €560,204 from €80,305 a year earlier.
That jump in earnings was due in the main to a restatement of a 2009 share-based remuneration charge that the company said was "to reflect the modified option awards made to certain directors during the course of 2009".
Turnover fell to €9.2m from €10.7m a year earlier.
The accounts come only three weeks after the fund was taken over by private equity giant Blackstone Group.
The Dublin company will merge back-office operations with Blackstone's London-based unit GSO. The back and middle-office functions will be conducted out of Harbourmaster's offices in Dublin, which will employ around 40 people.
Harbourmaster, which has around €8bn under management and was set up in 2000, is owned by a Jersey-based company with the same name. It is believed that most of the company is owned by management.
When the deal was made public, Blackstone said Harbourmaster would be used to expand into Europe.
Under the terms of the deal, Dublin-based directors Alan Kerr and Mark Moffat will continue to work for Blackstone. Mr Kerr, who is also a director of Bonkers Money Ltd, is the founder of Harbourmaster. The deal is due to be finalised early next year.