Even after the recent salary jumps, though, cultural executives still generally earn less than their counterparts in the private sector who manage equivalent-sized organizations.
Consolidation will result in a more "effective and efficient operation," said Patrick Wollenberg, who helps manage the equivalent of $14.5 billion at Robeco Groep in Rotterdam, including Carlton shares.
"The 50 percent reduction was known," said Michael Smedley, who helps manage the equivalent of $603 million at Morgan Meighen & Associates in Toronto, including Nortel shares.
"It's evident that the fundamentals of the global economy are picking up," said Tadatoshi Kaneko, who helps manage the equivalent of $16 billion at T&D Asset Management in Tokyo.
"Wuffli now has more control over PaineWebber," said Dieter H. Buchholz, who helps manage the equivalent of about $2.9 billion, including shares of UBS, at BNP Paribas Private Bank Switzerland in Zurich.
"Toyota has shown its boundless power with this result," said Naohiko Sasaki, who helps manage the equivalent of $3.4 billion in Japanese equities as co-head of investments at Kokusai Asset Management, including Toyota shares.
"Earnings were O.K., but not that big a surprise," said Lee Ju An, who manages the equivalent of $778 million at the Daehan Investment Trust Management Company and has been cutting his holdings of LG Electronics.
It uses an AC Propulsion drivetrain similar to the one in the Tesla Roadster and manages the equivalent of 300 m.p.g at 75 m.p.h.
This is a disappointing fact, but it does not cancel out the ingenuity shown by the soldiers, many of them only in their twenties, who have ethically managed budgets equivalent to that of a small town or medium-sized business.
"It's a new start," said Theo Kraan, who manages the equivalent of about $2.2 billion at Cene Bankiers in Utrecht and decided after the announcement on Thursday to keep his Ahold shares.
(Speaking as a good Lancastrian, I can forgive a man being born in Cumbria, as Stuart was, but to move across the Pennines...) When I was running the national academy back in the mid-2000s, he was managing the equivalent club academy at Leeds.
