Portfolio managers in Asia may want to think hard about the size of their employers’ asset base.

Mutual fund managers at firms that oversaw $10 billion or greater earned an average of almost $1,330,000 as their base pay last year, and nearly $2,542,000 in variable compensation, according to Institutional Investor’s 2018 All-Asia Buy-Side Compensation Report.

But if they had been employed at a firm that oversaw less than $10 billion, their average total compensation would have been a tiny fraction of that figure. Equity portfolio managers at firms with between $5 billion and $10 billion in assets earned an average of $102,000 in base salary and bonus pay of almost $128,000.

II’s first-annual Asian compensation study gathered data from 500 employees at Asia-based hedge funds, mutual funds, and investment advisory firms who reported their 2017 pay and what they expected to earn in variable compensation, including bonus, commissions, and options. Respondents also reported their expectations for their total compensation over the next two years.