Fund managers have been looking for alternative ways, such as bonuses or stock options, to reward employees and keep star players as the economic downturn has rendered cash a less attractive option, according to a survey by Armstrong International, the financial headhunting firm.

Bonuses for fund managers were generally down 20% to 40% from last year because of poorer performance as a result of market conditions. Star players were the exception, as they were offered multiple year guarantees to prevent them defecting to alternative fund boutiques.