Asset managers around the world are set to slash bonuses by up to 30% in the next compensation round despite reducing pay by as much as 40% this year to minimise job cuts, according to new research.

Most asset managers will cut variable pay by at least a tenth, and the worst-performing fund houses will slash payouts by over 30% when they apportion bonuses at the start of next year, according to the latest annual survey by PRPi Consulting, a financial services remuneration consultancy.