歐盟對衝基金面臨薪資限制

Some fund managers in Europe could be caught by unexpectedly strict pay curbs when the first EU attempt to regulate the hedge fund and private equity industry becomes a reality next year.

歐洲一些基金經理可能受到意外嚴格的薪資限制。歐盟監管對衝基金和私人股本行業的首次嘗試將在明年成爲現實。

There is increasing industry alarm that draft guidance on how to implement the law could see restrictions such as bonus deferrals and clawbacks – which are already enforced in the banking sector – imposed on a wider range of big funds than first thought.

該行業越來越多的人警告稱，有關如何實施這一法律的指南草案，可能會對數量超過最初想象的大型基金實行各種限制措施，如獎金延期和收回——銀行業已經實行了這些限制措施。

These measures, which if strictly enforced would overhaul the sector's prevailing pay practices, are included in the Alternative Investment Fund Managers Directive (AIFMD), a highly contentious EU law that must be enforced by July 2013.

這些舉措如果得到嚴格實施，將徹底改革該行業通行的薪資慣例，這些舉措已被納入另類投資基金經理指令(Alternative Investment Fund Managers Directive, AIFMD)，這一極具爭議的歐盟法律必須在2013年7月之前實施。

Some investment firms were technically covered by similar remuneration rules when they were introduced for banks last year. However, UK guidelines spared almost all investment firms from the most prescriptive curbs.

從技術上來說，在去年實施銀行薪酬規定時，一些投資公司也在限制範圍之內。然而，英國的指南讓幾乎所有投資公司免受多數規定的限制。

Hedge funds expected the Financial Services Authority, the City watchdog, to apply the same principles to AIFMD – sparing them from deferring at least 40 per cent of variable pay for three to five years or inserting clawback provisions for "subdued" performance.

對衝基金原本期望倫敦金融城監督機構——英國金融服務管理局(FSA)對另類投資基金經理指令實行同樣的原則，不讓它們將浮動工資的至少40%推遲3年至5年領取，或爲"糟糕"績效納入獎金收回規定。

But draft guidance from the European Securities and Markets Authority last month includes no explicit means for national authorities to effectively exempt categories of funds from the toughest curbs. While the requirements are tailored to firms according to size and risk, the lack of a broad exemption would mean more managers are hit.

但歐洲證券及市場管理局(ESMA)上月出臺的指南草案，沒有就國內監管機構如何在實際上讓某些基金免受最嚴格限制提出明確方法。儘管這些要求將根據公司的規模和風險進行調整，但缺乏廣泛豁免將意味着更多基金經理將受到衝擊。

Jon Terry, a partner at PwC, said there was now "considerable uncertainty" over rules that could have "a major impact" on affected funds. The curbs are also potentially problematic for the "carried interest" model used in private equity.

普華永道(PwC)合夥人瓊•特里表示(Jon Terry)表示，可能對受影響基金產生重大影響的規則存在重大不確定性。這些限制措施對私募股權基金所用的利潤分成模式同樣構成潛在問題。

Regulation of pay is an extremely sensitive topic for the hedge fund industry, which has long awarded its members sums far in excess of those found elsewhere in finance.

在對衝基金行業，對從業人員收入水平的監管是極爲敏感的話題。長期以來，對衝基金向其成員支付的薪酬水平一直高於金融行業的其他領域。

Many managers insist that the sometimes eye-watering payouts are necessary to attract and retain the best talent. Hedge funds are typically partnerships that derive most of their earnings by taking a 20 per cent cut of all profits from their trading.

很多對衝基金經理堅持認爲，有些時候這種令人眼紅的薪酬水平是吸引並留住最佳人才的必要手段。對衝基金通常採取合夥人制度，他們的絕大部分盈利來自對其交易利潤的20%提成。

"Pay is one of the things this industry has got right. We only make money if our clients are making even more money," said the head of one London-based hedge fund.

一家位於倫敦的對衝基金主管表示："薪酬制度是對衝基金行業做對了的幾件事情之一。我們賺錢的前提是我們的客戶賺到更多的錢。"

Joe Seet of Sigma Partnership, a specialist advisory firm to fund managers, said imposing deferral and clawback rules was "wholly unreasonable".

爲基金經理服務的專業諮詢公司Sigma Partnership的喬•希特(Joe Seet)表示，獎金延期發放以及收回條款"完全不合理"。

Esma is holding a consultation on the guidelines but the agency is limited by the text of AIFMD. When the draft guidance was unveiled, Steven Maijoor, the Esma chair, said it aimed to "ensure consistency of the rules for remuneration across financial sectors".

ESMA目前正在就指導條例進行意見徵詢，但該機構受到另類投資基金經理指令明文規定的限制。ESMA主席史蒂芬•邁耶爾(Steven Maijoor)在指導條例草案公佈時指出，其目的是"保證金融行業各領域的薪酬規則一致"。