Employees at London-based hedge fund firm Marshall Wace enjoyed a 12% pay increase last year, even as the London-based hedge fund reported a steep decline in revenue due to a sharp drop in performance fees, according to a report by eFinancial Careers.

For the year ending March 2024, Marshall Wace’s revenue fell nearly 40%, dropping from £1.2bn to £769m. The decline was driven by a 73% collapse in performance fees, signalling a challenging year for the firm.

Despite this, the average employee pay jumped to £413,000 ($533,000)—up from £370,000 ($478,000) in 2023. This rise came amid a 16% increase in headcount, with total staff growing from 301 to 350. Most of the hiring occurred in office and administrative roles, which grew from 200 to 241, while fund management headcount rose by just 8%.

In 2024, one of Marshall Wace's 24 members (partners) took home £74m, while in 2023, another received £266m (€319m) in profit-related pay.