Vanguard's European business has just released its results for the year ending December 2021. They suggest that while working for an index fund provider isn't quite as lucrative as working for a hedge fund, it's not that bad either.
Average pay per head for the 701 employees at Vanguard Asset Services Ltd. last year was £190k ($220k). This was an 11% drop on the £214k average per head that Vanguard paid in 2020.
The decline might have something to do with the fact that pre-tax profits at Vanguard Asset Services declined from £32m in 2020 to £20.5m last year. However, they could also be related to Vanguard's changing UK employee mix. - As the chart below shows, the firm has been hiring, but not for its most lucrative roles. Management headcount declined in 2021; operations headcount increased 35%.
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