Staff at Highbridge Capital Management, the hedge fund manager JP Morgan agreed to buy last week, earn higher basic salaries than senior investment bankers and investors.

Company accounts filed by Highbridge Capital Management (UK), the London subsidiary of the US hedge fund manager, show its 12 employees shared £2.5m (€3.7m) of wages and salaries between them in 2003. This works out at an average of £207,000 per head, a third higher than the basic salary typically commanded by a chief investment officer or a senior investment banker.