The boss of the world’s largest money manager took a pay cut in 2018, a reflection of a tougher year for the industry.

BlackRock chief executive Laurence Fink received $24m for his performance last year, a 14% decrease from 2017, according to a regulatory filing Friday. The amount includes a $7.75m cash award, $14.75m in deferred equity and incentives, as well as a base salary of $1.5m. In 2017, he earned $27.95m.