Fund managers have avoided substantial bonus cuts in the latest round of payouts, and a handful of asset managers have even ramped up pay to retain staff, following fears, however, that bonuses would be slashed by up to a third.

Total overall compensation for 2009 was generally flat when compared with last year, with staff in most instances receiving between 10% more or less than in the last round of bonuses, according to Tory Hyndman, a partner at recruitment consultancy David Barrett Partners in London, who published a report to clients on remuneration today.