Big Chinese fund managers cap pay, claw back excess in ‘common prosperity’ push, sources say

Two of China’s leading fund managers have capped staff’s annual income and will claw back any excess, five people with direct knowledge of the matter said, in the first such measure to hit the industry under a government austerity drive.

China Merchants Fund Management (China Merchants FM) told its staff last month that their annual pay would be capped at 3 million yuan ($413,297) from this year, and demanded they give back anything more than that from last year, three people said.

Source: REUTER