Hedge fund pay is expected to fall by 10% this year as firms face pressure to cut fees, according to a report from Greenwich Associates.

Total average compensation for managers at equity hedge funds is projected to fall to $540,000 from $560,000 in 2015, according to interviews with over 1,000 finance professionals globally. That is still higher than the $510,000 that equity hedge fund managers were paid on average in 2014, according to the report.