Greenwich Associates, an international research-based consulting firm in institutional financial services, in cooperation with Johnson Associates, Inc., a boutique financial services compensation consulting firm, have issued their 2012 U.S. Asset Management Compensation Report. The Report provides an overview of 2012 compensation levels and trends; discusses differences in compensation between portfolio managers, traders and analysts at hedge fund managers and other asset managers; considers the impact of new regulations on compensation; and discusses changes in compensation structures. This article summarizes key points from the Report. See also “Compensation Survey by Greenwich Associates and Johnson Associates Highlights Trends in Compensation and Best Practices for Hedge Fund Managers and Other Investment Professionals,” Hedge Fund Law Report, Vol. 4, No. 46 (Dec. 21, 2011).