Mr. Johnson cited volatile markets, which pinched firms’ flows, as the primary reason bonuses were down at the end of 2015. Other factors include money management firms increasing their costs by adding people and opening offices around the world, he said.

Still, Mr. Johnson said he doesn’t see this as something to be particularly concerned about.

“Money management is doing better than other financial service firms,” he said. “People in asset management are as well paid as anybody, the culture is pretty good and the work is pretty fun.”

Pensions & Investments / February 8, 2016