MPI Announces 2024 CCO Compensation Survey Results

Management Practice Inc. (MPI) recently completed its nineteenth annual “Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices,” which is based on the submissions of 64 mutual fund CCOs from all regions of the U.S., representing funds with $4.6 trillion in assets and overseeing over 2,600 funds. The MPI study notes that the average total compensation for this year’s participants was $500,664, up 8.1% from last year’s average of $463,016. The study found “[t]he range of CCO compensation for the reporting fund families was wide—$100,000 to over $1,700,000—and appears to be affected by many variables, such as geographic location, number of funds/portfolios, retail or institutional distribution, number of sub-advisors, and assets overseen.” Interestingly, according to the survey, stock options were received by 5% or participants, down from around 25% historically.  As costs for compliance rises, the study found that over half (60%) of CCOs reported at least a portion of their compensation was paid by the fund(s) in 2023. MPI found “37% of the CCOs reported supporting the board in ways beyond their CCO duties, which might include involvement in the 15(c) contract renewal process or monitoring soft dollar expenditures.

Click here to read a summary of MPI’s CCO Compensation Survey.