Compensation will be strongest at firms that have the scale to maintain strong profits or the technology platforms to keep costs low, including managers that focus on passive products and exchange-traded funds.

Despite industry pressures, overall headcount increased in 2018 for both public and private managers, specifically in technology, product development and international markets. But this trend likely won’t last.

Next year, things are looking worse, with planned job cuts coming as soon as the first quarter of 2019.

“Unfortunately, the hiring trend is likely to be reversed in 2019. Many firms are already planning for reductions during the first quarter of 2019 through both attrition and terminations,” warns Francine McKenzie, managing director at Johnson Associates.

Business Insider / November 28, 2018