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It's not as good as hedge funds, but it's not bad either.

This is the average pay at Vanguard in London

Vanguard's European business has just released its results for the year ending December 2021. They suggest that while working for an index fund provider isn't quite as lucrative as working for a hedge fund, it's not that bad either.

Average pay per head for the 701 employees at Vanguard Asset Services Ltd. last year was £190k ($220k). This was an 11% drop on the £214k average per head that Vanguard paid in 2020.

The decline might have something to do with the fact that pre-tax profits at Vanguard Asset Services declined from £32m in 2020 to £20.5m last year. However, they could also be related to Vanguard's changing UK employee mix. - As the chart below shows, the firm has been hiring, but not for its most lucrative roles. Management headcount declined in 2021; operations headcount increased 35%.

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AUTHORSarah Butcher Global Editor

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