Not content with meddling with bankers' pay packages, it now seems that the EU wants to meddle with the moolah of their near neighbours, fund managers.
Now there may be some merit in constraining the behaviour of traders whose capital base is effectively underwritten by taxpayers, but where is the sense in limiting the pay of fund managers when the customers are willingly signing up to contracts that reward their firms for performance.
Personally, even though I pick and buy my own stocks, if I did use a fund manager I would want him to be on my side, and preferably paid 100% for performance. Under the EU proposals with a bonus capped at 100% of salary, the fund manager gets 50% of his maximum pay even when my investments are tanking. It seems that MEPs who are paid a massive amount without really doing anything useful, think we should all be like them.
I don't remember any funds blowing up because the fund managers tried too hard. A bad solution to a non-existent problem.
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