Discontent over bonuses in 2001 is forcing Morgan Stanley Investment Management (MSIM) to review its remuneration structure, although there are fears that the changes will not improve attitudes significantly.

Staff pressure has encouraged the firm to link pay more closely to performance of specific asset classes. Managers and other executives are said to have been unhappy at sharing a group bonus pool with Morgan Stanley's main investment banking operation which, like its peers, is suffering from hard times.