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The European Parliament’s vote this past week to cap bonuses in the asset-management industry could affect two-thirds of senior fund managers in the U.K., U.S. funds in Europe and hedge funds open to small investors.

Bonuses should not exceed base salaries for managers of mutual funds regulated by the European Union, known as UCITS, European lawmakers in the economic and monetary affairs committee voted Wednesday. The rules would cover 5 trillion euros ($6.5 trillion) of assets in UCITS, which include funds managed outside Europe and some linked to hedge-fund strategies.

“If the final rules are even close to what has been agreed [Wednesday], then this will fundamentally change the way asset managers are paid,” said Jon Terry, a partner at PricewaterhouseCoopers.

European policymakers are pressing for tougher rules on fund managers to eliminate what German lawmaker Sven Giegold called the industry’s “gambler mentality.” Fund managers will respond by increasing fixed salaries, moving overseas and pulling products from Europe if they can’t dilute the rules, industry lobby groups said.