And one compensation consultant doesn’t believe the new law will help achieve its intended goal. Mr. Johnson remains unconvinced that the New York law will have the desired impact on the money management industry, but instead will drag out an already belabored recruiting process.

“I don’t think it’s going to narrow the gap. But politicians want to believe compensation (in the money management industry) is driven by discrimination and not the market,” said Mr. Johnson. “I don’t think it’s going to have a positive impact.”

Mr. Johnson added he believes the law will simply “make the recruiting process more cumbersome (and) more drawn out.”

Pensions & Investments / October 30, 2017