As one of the leading investment management firms in the US, Summit Global Investments provides a competitive salary and benefits package to attract and retain talented professionals. With over $1.7 billion in assets under management, Summit offers a wide range of investment solutions and advisory services to institutional and individual clients. When considering a career at Summit, the compensation and benefits are important factors to evaluate. In this article, we will take a closer look at Summit’s employee compensation, including base salary, bonuses, stock options, retirement benefits, healthcare coverage and other perks.
For investment management professionals like portfolio managers, research analysts, traders and client service associates, Summit offers salaries that are in line with industry averages. According to Glassdoor, the average base pay for a portfolio manager at Summit is $134k, while research analysts average around $86k. Traders and client service associates earn upwards of $70k on average. Summit aims to provide compensation that reflects each employee’s responsibilities, capabilities, experience level and contribution to the firm’s success.
In addition to base salaries, Summit employees are eligible for annual bonuses based on individual performance, department goals and the firm’s overall profitability. Bonuses are a significant portion of total compensation, with top performers receiving rewards up to 50% of their base salary. Key investment personnel also receive a share of revenues or fees generated from the portfolios and clients they manage.
Summit encourages employees to think and act like owners by granting stock options to those in key positions. The stock option plan provides the opportunity to share in Summit’s growth over the long-term.
On the benefits side, Summit offers a 401k plan with matching contributions of up to 6% to help employees save and invest for retirement. The company also provides health, dental and vision insurance to employees and their families, with Summit covering 70% of the premiums. Employees receive a minimum of 2 weeks paid vacation, 9 paid holidays, sick days and parental leave.
Additional perks like tuition assistance, employee referral bonuses, discounted asset management fees and regular social events create an attractive overall employee value proposition. For those interested in investment management, Summit Global Investments offers a competitive salary and benefits package to support a rewarding career.
Base salaries at Summit are aligned with industry averages
According to data from Glassdoor, the average base salary for a portfolio manager at Summit Global Investments is around $134,000 per year. This compensation level is well aligned with industry averages, as top portfolio managers at investment firms typically earn between $100,000 to $300,000 in base salary.
Within investment management, portfolio managers take on significant responsibility for making investment decisions and managing client capital. They conduct research, develop strategies, construct portfolios and monitor performance. The role requires advanced financial modeling skills, a deep understanding of markets and strong client relationship abilities. Given the importance of the role, it’s not surprising that portfolio managers are compensated handsomely.
For more junior positions, the base pay at Summit is also competitive. Research analysts earn approximately $86,000 in base salary, while traders and client service associates make upwards of $70,000 according to Glassdoor. These salaries allow Summit to attract skilled candidates out of school or from other firms.
By benchmarking against industry averages, Summit aims to compensate employees fairly based on their position and credentials. This ensures pay equity between Summit staffers and their peers at other asset management firms. Overall, Summit’s base salaries are in line with broader industry compensation trends.
Bonuses incentivize outstanding performance
In the investment management business, bonuses make up a significant portion of total compensation for many professionals. Summit Global Investments has an incentive structure that rewards employees for strong individual performance as well as success in meeting team and firm-level goals.
Bonuses are awarded on an annual basis and the payout amount is tied to each employee’s accomplishments over the past year. The highest performing portfolio managers and research analysts can earn bonuses of up to 50% of their base salary. Traders, marketing staff and client service teams are also eligible for generous bonuses based on their contributions.
At the firm level, bonuses are partially determined by Summit’s profitability and AUM growth. When the markets are up and the firm is winning new client assets, bonus pools expand. This motivates all employees to collaborate towards growing Summit’s investment strategies and delighting clients.
For investment staffers, bonuses are also linked to the performance of their particular portfolios. Portfolio managers earn a bonus based on their annualized returns compared to the benchmark. Analysts who provide stock ideas or market insights that drive outperformance are rewarded when their recommendations pan out.
By tying bonuses to individual achievements, team metrics and firm profitability, Summit incentivizes employees to deliver excellence across the board. Outperforming peers means larger bonuses which leads to higher total compensation.
Employee stock options provide ownership upside
As part of its compensation structure, Summit Global Investments offers stock option grants to key employees to incentivize a shared mindset of ownership. The stock option program is aimed at senior portfolio managers, research analysts, traders and executives who are most responsible for the firm’s investment results and growth.
The stock options provide the right to purchase shares in Summit at a set price (the strike price) after a vesting period. If Summit’s share price rises above the strike price, the options become more valuable. Employees can exercise their options to buy shares at below market value and profit from the upside.
The vesting schedule is structured over several years to promote long-term decision making. For example, options may vest 20% each year over 5 years before fully vesting. This motivates employees to think like owners, growing Summit’s AUM and shareholder value over the long run.
By providing ownership through stock options, Summit aligns employee incentives with generating sustainable profits and creating shareholder value. The program functions as a retention tool as well by rewarding continued employment at the firm.
For employees, the stock option plan offers significant wealth creation potential if Summit continues its growth trajectory. The chance to share in the firm’s success makes Summit an appealing place to build a career in investment management.
Retirement savings and health benefits provide security
While compensation is important, Summit Global Investments also offers a competitive employee benefits package that provides security. This includes retirement savings plans, health insurance coverage and paid time off.
For retirement, Summit employees can enroll in a 401k plan with a 6% company match. This allows employees to save and invest on a tax-deferred basis while also benefiting from Summit’s contributions up to the match cap. The 401k match incentivizes saving for retirement and helps employees build their nest egg.
Employees also receive health insurance for themselves and dependents. Summit covers 70% of premiums on three plan options – a PPO, an HMO and a high deductible health plan paired with an HSA. Dental and vision plans are included as well.
On the paid time off front, Summit employees receive a minimum of 2 weeks vacation, 9 paid holidays, sick leave and parental leave for new parents. Additional paid days off can be earned based on tenure at the firm.
By offering competitive benefits and time off, Summit invests in the financial and physical wellbeing of its workforce. Employees receive support to securely save for retirement, access healthcare, and refresh through vacation – key elements of an attractive benefits package.
In summary, Summit Global Investments aims to provide compensation reflective of roles, responsibilities and contributions. Portfolio managers and research analysts earn base salaries and bonuses in line with industry averages. For high performers, annual bonuses can make up 50% or more of total pay. Retirement savings, health benefits and paid time off provide security. Employee stock options promote ownership thinking and allow sharing in Summit’s growth upside. Overall, the Summit total rewards program creates a compelling employee value proposition for investment management professionals.