In November 2011, Greenwich Associates, an international research-based consulting firm in institutional financial services, and Johnson Associates, a boutique compensation consulting firm specializing in financial services, published their U.S. Asset Management 2011 Compensation Report (Report).  The Report projects compensation levels and trends for hedge fund professionals and other investment professionals for 2011.  The projections are based on historical data gleaned from more than 1,000 interviews with financial professionals in fixed-income and equity investor groups at hedge funds, mutual funds, investment management firms, insurance companies, banks, government agencies and pensions and endowments.  The Report dissects and compares historical compensation data for 2009 and 2010 from various perspectives.  (For another discussion of compensation levels and trends in 2009, see “Infovest21’s Annual Hedge Fund Manager Compensation Survey Reveals Top Paid Manager Positions and Top Factors Affecting Performance,” Hedge Fund Law Report, Vol. 2, No. 50 (Dec. 17, 2009).)  First, the Report highlights differences in compensation levels among fixed-income and equity investment professionals.  It then contrasts compensation levels for hedge fund professionals versus their counterparts at traditional asset management firms.  It then discusses trends in performance-based compensation and deferrals of compensation.  The Report also reveals trends in compensation for sales professionals and outlines best practices for structuring compensation of sales professionals.  For more on compensation of sales professionals, see “Third Party Marketers Association 2011 Annual Conference Focuses on Hedge Fund Capital Raising Strategies, Manager Due Diligence, Structuring Hedge Fund Marketer Compensation and Marketing Regulation,” Hedge Fund Law Report, Vol. 4, No. 43 (Dec. 1, 2011).  This article discusses the data and analysis contained in the Report and outlines the Report’s projections for 2011 compensation levels.