Remember that time you thought you might want to move to a fund in London?
Maybe reconsider.
Bloomberg reports that bonuses for hedge fund employees have dropped 94% since 2012, according to data collected by Emoulment.com.
Across the board compensation shrank by 50%.
Your average mid-level employee or director is now taking home a $13,300 in their bonus as opposed to around $220,000 in 2012.
Base salaries have fallen to just under $150,000 from just under $200,000 since 2012 as well.
Of course, there's a reason for this. Simply — Hedge funds aren't performing.
Hedge funds have returned 1% year to date, according to Goldman Sachs' 'Hedge Fund Trend Monitor', an analysis of 775 hedge funds. Meanwhile the s&p 500 has returned 7%.
"Consistent large allocations to retail and media stocks in the Consumer Discretionary sector have been headwinds to returns," said the report.
Hedge funds have allocated 20% of their assets to this sector, which has only returned 1% year to date.
That doesn't mean funds are necessarily changing their strategies though.
"Portfolio turnover continued to fall to new record lows," said Goldman.