Investment analysts APM vs CPM

I'm especially curious to know how the Client PMs are compensated, since it's the Alpha PMs that make the investment decisions. I'd think the Alpha side is better compensated, but after all, mutual funds make their money from gathering and retaining AUM, so the Client side is equally if not more important.

These are the different roles in JPM IM from their job posting:

• Investment Analysts - Alpha (APM) Analysts work with portfolio managers, traders, marketers, and client service account managers on the analysis and execution of investments strategies. APM’s might work in any of the Fixed Income, Emerging Markets, Equities, or Real Estate areas.

• Investment Analysts – Client (CPM) Analysts work with client portfolio management teams to deliver and discuss investment results with clients. Investment Analysts supporting CPM teams assist with the preparation of client performance reports and investment review materials for new and existing marketing initiatives. CPM’s might work in Equities, Fixed Income, or Real Estate.

• Research/Quantitative Research Analysts Analysts work with investment teams to build models and provide metrics that inform security selection, portfolio construction, risk management and investment performance. These Quantitative/Research Analysts might work in Institutional Equity or Asset Allocation Services.

• Fundamental Equity Research Analysts Analysts are assigned to a Senior Research Analyst to perform a specific fundamental research project. The analyst will choose an industry and one or two companies within this industry for the summer intern to analyze. Finally, at the end of the summer internship, the intern will make a presentation to analysts, portfolio managers and the Director of Research. The quality of the work throughout the summer, the written report and the presentation will determine whether the summer intern will be asked back to join the company as a research assistant upon graduation.