London LO vs L/S pay differential?

Hi,

Can anyone provide data points for what top tier LOs vs L/S's pay all in in London for someone with 3-4 years of total industry experience?

Glassdoor says an associate analyst at T Rowe in London makes PS 60 base and around PS 25 bonus, which seems pretty shocking as I'm still on the SS (I have 3-4 years experience lets say) and got PS 120 total last year and I don't have coverage yet nor was I top bucket. My impressions for L/S would be that it's closer to PS 80 base and 0-150% bonus depending on performance (maybe avging around 80%?) which seems reasonable by comparison.

I knew there was a pay gap to go L/O but it seems hard to believe it's that big given how hard it is to get these top roles at say Trowe/Och/et al. 

Thanks

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Comments (8)

  • Analyst 1 in IB-M&A
Jun 7, 2021 - 2:23pm

I only have two data points for 2 different equity LOs which are in the £10-20bn for firm aum. 3rd year investment role c.£150k in total comp (not sure what base/bonus split was). 4th year investment role £200k total comp (not sure what base/bonus was).

Bumping to see if anyone else has to add

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Most Helpful
Jun 8, 2021 - 8:12am

The associate analyst programmes at T Rowe / Capital etc are really targeting people with 1-2 years of experience and the numbers you listed there are industry standard for that type of role in London. Not uncommon to take a pay cut when you first jump to the buyside from SS ER. You do this type of role for 2-3 years to get some buyside experience then leave for something else as they mostly hire MBA grads or very experienced sector analysts for 'Analyst' level positions - there's limited scope for internal progression. The reason you do them is that a very large % of buyside roles in London are explicitly looking for 'buyside experience only' and won't even look at people that have only been on the sell side.

With any buyside seat don't focus on the entry level comp, it progresses very quickly from there.

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