Family Office Comp

I was looking through a family office compensation report recently released by Morgan Stanley and was surprised at the numbers they reported for mid/senior level positions. A few examples of all-in comp packages (median/average):

PM - $480k/$570k

Senior PM - $785k/$1.1M

CIO - $900k/$1.8M

The PM level comp figures are higher than prior iterations of this report and seem high relative to what I've seen in other posts/threads here. Admittedly, these discussions typically focus on analyst/associate positions so maybe I just don't have a good reference point for more senior levels.

I appreciate the range is wide and varies considerably across offices, but does anyone have good insight into whether the figures above are realistic? At these levels it would appear that total comp expense for an individual office could quickly get up towards $3-5M which seems high for, say, a $1B fund. Understand some of this is likely deferred / non-cash but still seems high. Appreciate any insight. 

I wasn't able to post a link to the report but it's easy to find through a quick Google search.