Reports

Johnson Associates’ annual financial services proxy review points to several market trends across the last three years. 2024 was the first year named executive officers at non-alternatives firms received carried interest awards. The firms that granted carry to NEOs in 2024 continued to do so in 2025. No new companies have initiated awards, though we…

Clients have increasingly asked how carry buyouts should work as employees change firms. We expect this trend to grow as exits slow and carry payouts become less certain. This short one-pager shows how a carry-for-carry trade compares to a cash buyout. The illustrative example walks through the trade-offs across timing, payout variability, vesting, and the…

Johnson Associates projects year-end incentives to be flat to slightly positive across sectors​. Overarching Caveats: Year-end projections fragile given macro factors. Geopolitical turmoil and credit stress key downside risks thatcould slow economy and hamper results. Q1 results strong and sentiment remains high despite these uncertainties.​

Following years of rapid expansion, the recent challenges in Private Credit are creating ripple effects across financial services, including compensation pressures and retention concerns. Johnson Associates explores offers practical, creative solutions to strengthen compensation programs and sustain incentive value.

Johnson Associates recently participated in a discussion hosted by HRSoft to discuss evolving carried interest structures including the questions firms are currently grappling with and trends we are observing across our client base.

Compensation Trends and Projections November 2025 Johnson Associates projects year-end incentives to be broadly positive across sectors​. Traditional asset management rises on market appreciation. Strong hedge fund inflows and performance. Illiquid alternatives flat to up moderately with fundraising challenges. Investment and commercial banking up across all business units. Geopolitical uncertainties and tariffs linger into year-end…

Benchmarking pay is increasingly difficult in financial services. We apply informed judgement to turn market data into real insight. September 9, 2025

Sales compensation design is rapidly emerging as a top priority for our clients. Explore different market paradigms to understand which structures may be ideal for your firm. September 9, 2025

Compensation Trends and Projections August 2025 Johnson Associates projects year-end incentives to vary across sectors. Traditional asset management rises on market recovery. Hedge funds capitalize on volatility and inflows. Fundraising difficult across illiquid alternatives with greater impact on smaller / mid-sized funds. Investment and commercial banking buoyed by trading. Significant concerns remain on geopolitical uncertainty…

Compensation Disclosures – Key Takeaways June 12, 2025 Johnson Associates analyzed proxy disclosures across financial services firms to understand how pay trends have evolved for year-end 2024. Key takeaways and trends enclosed.