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By Alicia Adamczyk
October 20, 2016

Break out the world’s tiniest violin: It appears that some hedge funders may have to hold off on purchasing that second home on Nantucket for the time being.

According to job recruiter Odyssey Search Partners, portfolio managers may see up to a 34% decrease in pay, Bloomberg reports, as more and more consumers flee fee-riddled funds for low-cost products. During the first seven months of the year, investors yanked $60 billion out of hedge funds, according to data firm eVestment. The big winners: passive mutual funds and ETFs, which have gained nearly $1.3 trillion over he past three years, winning converts from both actively managed mutual funds and hedge funds, according to the Wall Street Journal.

Read More: The Hedge Fund Industry Is Shrinking

Per the Bloomberg survey, total compensation for professionals with at least seven years of experience will decrease by 14% on average this year. The cuts will come in the form of bonus pay: Firms performing below average will pay an average of around $288,000 per year, while better-performing firms will pay almost $400,000.

And the most junior hedge funders are not likely to feel the belt-tightening at all: Those with less than three years of experience are still expected to see a 10% increase in pay on average, to $321,000.

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