Compensation InsightHow Bravura Solutions Pays
Inferred career levels, compensation by role across 6 countries, equity plans (BVSAM/BVSAA), executive pay amid 4 CEO changes since 2021, and the activist-driven turnaround.
At a Glance
Career Level Hierarchy
Bravura Solutions does not publicly disclose a formal band/level system. The following BV1–BV8 structure is inferred from job postings, LinkedIn profiles, Glassdoor data, and peer company benchmarks.
Executive Leadership (above BV8)
Management Track (Dual Ladder)
From BV4+, Bravura maintains parallel IC and management tracks. BV4M (Team Lead / Engineering Manager) through BV7M (VP / Regional CEO) mirror the IC track with increasing people management scope. Compensation is broadly equivalent at the same band level.
Products & Segments
Bravura operates across two segments: Wealth Management (~65% revenue — Sonata, Sonata Alta platforms) and Funds Administration (~35% revenue — Garradin, Transfer Agency). Tech roles span Java/Oracle (legacy) and modern cloud platforms. Transfer Agency operates semi-independently under CEO Chris Biddick.
Compensation by Level
Total compensation breakdown for Sydney, Australia. All values in AUD.
| Level | Title | Base (Range) | Variable % | Total Comp (Range) | Equity |
|---|---|---|---|---|---|
| BV1 | Graduate / Entry 0–2 yrs | A$65,000 – A$78,000 | 0% | A$73,000 – A$87,000 | None |
| BV2 | Developer / Analyst 2–4 yrs | A$85,000 – A$105,000 | 5% | A$95,000 – A$120,000 | None |
| BV3 | Senior Developer / Senior Analyst 4–7 yrs | A$115,000 – A$145,000 | 8% | A$135,000 – A$172,000 | Employee Rights |
| BV4 | Lead / Staff Engineer 7–10 yrs | A$140,000 – A$170,000 | 12% | A$168,000 – A$210,000 | Employee Rights |
| BV5 | Principal / Manager 10–14 yrs | A$170,000 – A$205,000 | 15% | A$210,000 – A$262,000 | Performance Rights |
| BV6 | Head of / Associate Director 14–18 yrs | A$200,000 – A$245,000 | 20% | A$260,000 – A$330,000 | Performance Rights |
| BV7 | Director 18–22 yrs | A$240,000 – A$300,000 | 25% | A$325,000 – A$420,000 | Performance Rights |
| BV8 | VP / Executive 20+ yrs | A$300,000 – A$450,000 | 33% | A$430,000 – A$670,000 | Performance Rights + Options |
Bands are inferred — Bravura does not publish an internal leveling system. Australian values include 12% superannuation (from 1 July 2025; 11.5% prior).
Total Compensation Range by Level
Salary by Career Stream — Australia
Breakdown by role across Bravura's key functions. All figures in AUD per year. Bravura covers Wealth Management, Funds Administration, and Transfer Agency products.
Engineering & Product
| Role | Average | Range | P90 |
|---|---|---|---|
| Graduate Trainee | A$72,000 | A$65K–A$78K | — |
| Software Engineer | A$95,000 | A$85K–A$105K | — |
| Senior Software Engineer | A$130,000 | A$115K–A$145K | A$155K |
| Lead Java Specialist | A$155,000 | A$140K–A$170K | — |
| Solutions Architect | A$165,000 | A$150K–A$180K | A$195K |
| Cloud Engineer (AWS) | A$135,000 | A$120K–A$150K | — |
| DevOps / SRE | A$140,000 | A$125K–A$155K | — |
| Engineering Manager | A$175,000 | A$160K–A$200K | — |
Consulting & Delivery
| Role | Average | Range | P90 |
|---|---|---|---|
| Implementation Consultant | A$92,000 | A$82K–A$105K | — |
| Senior Business Consultant | A$125,000 | A$110K–A$140K | — |
| Workflow Consultant | A$105,000 | A$90K–A$120K | — |
| Delivery Manager | A$145,000 | A$130K–A$165K | — |
| Senior PM / Program Manager | A$160,000 | A$145K–A$185K | — |
QA & Testing
| Role | Average | Range | P90 |
|---|---|---|---|
| Test Analyst | A$85,000 | A$75K–A$95K | — |
| QA Engineer | A$95,000 | A$85K–A$105K | — |
| Senior QA / QA Developer | A$120,000 | A$110K–A$135K | — |
Security (SOC)
| Role | Average | Range | P90 |
|---|---|---|---|
| L2 SOC Analyst | A$90,000 | A$80K–A$100K | — |
| L3 SOC Engineer | A$120,000 | A$110K–A$135K | — |
| Security Solutions Engineer | A$140,000 | A$125K–A$155K | — |
| SOC Security Manager | A$160,000 | A$145K–A$180K | — |
Finance & Corporate
| Role | Average | Range | P90 |
|---|---|---|---|
| Accountant | A$85,000 | A$75K–A$95K | — |
| Finance Manager | A$130,000 | A$115K–A$145K | — |
| Group Treasury Manager | A$160,000 | A$140K–A$180K | — |
| Procurement Officer | A$95,000 | A$85K–A$110K | — |
HR, Sales & BD
| Role | Average | Range | P90 |
|---|---|---|---|
| TA Recruiter | A$85,000 | A$75K–A$100K | — |
| HR Business Partner | A$130,000 | A$115K–A$150K | — |
| Sales Account Manager | A$120,000 | A$100K–A$145K | A$170K |
| BD Director | A$220,000 | A$200K–A$260K | — |
P90 = 90th percentile where available. Salary ranges are estimated from market data and peer benchmarks.
Global Operations — India, UK & Pay Arbitrage
Bravura operates 16 offices in 10 countries. EMEA generates 72% of revenue, making UK the strategic centre. India (Gurugram) is the primary development hub.
India — Gurugram (Haryana)
United Kingdom — London, Edinburgh, Manchester
| Role | Median | Range |
|---|---|---|
| Graduate Developer | £35K | £30K–£40K |
| Software Engineer | £48K | £42K–£55K |
| Senior Developer | £68K | £58K–£78K |
| Lead / Architect | £83K | £72K–£95K |
| Manager / Head of | £104K | £88K–£120K |
| Director | £170K | £140K–£200K |
| IT Technologist (highest) | £141K | £125K–£155K |
UK Strategic Context
- CEO Colin Greenhill is London-based (from Jan 2026)
- EMEA generates 72% of total revenue
- Transfer Agency operates semi-independently
- Edinburgh & Manchester: typically 10–15% below London
Pay Arbitrage vs India (Baseline)
Variable Pay & Bonus Payout History
Bravura's STI is tied to individual, BU, and company performance. Payouts were severely constrained during 2023–2024 restructuring but are recovering as financial results improve.
Recent Payout Context
FY25 Revenue Note
Reported FY25 revenue of A$318M includes a one-off Fidelity perpetual licence sale. Underlying revenue (ex-Fidelity) was A$257M (+3.1% YoY). Similarly, reported NPAT of A$74.2M compares to underlying NPAT of A$24.4M. Bonus pool context should factor in underlying performance.
H1 FY26 Scorecard
Variable Pay % by Level
CEO Compensation History (5 CEOs in 5 Years)
| Period | CEO | Total Comp | Note |
|---|---|---|---|
| Pre-2021 | Tony Klim | A$1.8M–A$3.7M | 10+ year tenure, base A$822K |
| 2021–2022 | Nick Parsons | Not disclosed | Brief tenure |
| 2022–2023 | Libby Roy | Not disclosed | Led initial restructuring |
| Jun 2023–Apr 2025 | Andrew Russell | ~A$1.5M | A$750K base + 33% STI + 2.5M options |
| Apr 2025–Dec 2025 | Shezad Okhai (interim) | A$115K (partial) | NED fees separate from interim CEO pay |
| Jan 2026– | Colin Greenhill | ~A$1.5M–A$2M (est.) | £367.5K base + pension, unified incentive plan |
Employee Feedback on Bonuses
Multiple Glassdoor reviews cite "salary hikes are less during appraisal / no bonuses" — suggesting STI payouts were severely constrained during the 2023–2025 restructuring period. With FY25 strong results and FY26 guidance upgrades, payouts are expected to improve.
Equity & Share Plans
Bravura uses two active share plans: BVSAM (broad-based Employee Rights) and BVSAA (Performance Rights for KMP). Current dilution is 0.27% but expected forward issuance will raise this to ~1.52%.
Active Plans
ESOP Quick Facts
Per-Head Equity Context (Oct 2025 Grant)
| If spread across | Rights each | Value each (at A$2.04) |
|---|---|---|
| All 1,002 employees | ~834 each | ~A$1,700 |
| ~500 eligible employees | ~1,671 each | ~A$3,400 |
| ~300 eligible (senior) | ~2,785 each | ~A$5,700 |
Equity Eligibility by Level
| Level | Eligibility | Instrument | Vesting |
|---|---|---|---|
| BV1–BV2 | Not eligible | None | — |
| BV3–BV4 | Selective (retention) | Employee Rights (BVSAM) | 3-year service |
| BV5–BV6 | Standard grant | Employee Rights + Performance Rights | 3-year performance |
| BV7–BV8 | Standard grant | Performance Rights (BVSAA) | 3-year performance |
| CEO/CFO | Contractual | Options / Cash+Shares (unified incentive) | 2–5 year vest |
BQR Incentive Formula (FY26 Forward)
The CEO unified incentive plan uses the Bravura Quality of Revenue (BQR) formula, which combines:
- Recurring revenue quality and growth
- Cash EBITDA margin at BU level
- Personal performance factor (board-assessed)
Payout is split between cash and shares, with shares subject to trading restrictions. This replaces the previous separate STI/LTI structure.
CEO Sign-On Options (Greenhill)
- Grant size: 1.6M share options
- Vesting: 25% each at year 2, 3, 4, and 5
- Exercise price: set at grant date market price
- Exercise window: post-vesting, subject to trading policy
- Dividend equivalent rights: not disclosed
Share Price Context & Equity Value Sensitivity
Performance Hurdles (FY26 Forward)
- BQR (Bravura Quality of Revenue) — primary incentive metric
- Cash EBITDA Margin (Business Unit level)
- Historical: TSR (Total Shareholder Return) and EPS growth
- Board discretion to adjust vesting outcomes
Treatment on Departure
- Vested rights: typically retained
- Unvested rights: forfeited upon resignation
- Good leaver (involuntary): pro-rata vesting likely
- Post-termination exercise: 90 days (industry standard)
Historical Equity Value Context
In March 2023, Bravura raised A$80M via a capital raise at A$0.40/share, causing an 81% increase in issued capital. Combined with A$176M in impairments, this wiped out significant shareholder and employee equity value. Grants issued at or near the A$0.40 level are now significantly in-the-money at ~A$2.04, while any grants from the pre-crisis period (A$3–4+) remain deeply underwater. This history is critical context for retention — employees who joined post-crisis have seen material upside, while longer-tenured staff may have unrealised losses.
ASX Insider Trades & Director Dealings
Disclosed to ASX under Corporations Act. Notable: Damien Leonard (L6 Holdings / Pinetree Capital) has accumulated >A$3.1M in shares in 2025, signalling strong activist conviction.
| Date | Person | Role | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Feb 2026 | Shezad Okhai | NED (former interim CEO) | Disposal | 250,000 | A$2.10 | $525,000 |
| Nov 2025 | Russell Baskerville | Chairman | Acquisition | 40,000 | A$2.31 | $92,400 |
| Nov 2025 | Sarah Adam-Gedge | NED | Acquisition | 15,000 | A$2.30 | $34,500 |
| Oct 2025 | Matthew Quinn | Former Chairman | Disposal | 200,000 | A$2.94 | $588,171 |
| May 23 2025 | Damien Leonard | Deputy Chair (L6) | Acquisition | 129,891 | A$2.15 | $279,006 |
| May 22 2025 | Damien Leonard | Deputy Chair (L6) | Acquisition | 479,067 | A$2.15 | $1,028,557 |
| May 21 2025 | Damien Leonard | Deputy Chair (L6) | Acquisition | 156,951 | A$2.15 | $336,817 |
| Mar 21 2025 | Damien Leonard | Deputy Chair (L6) | Acquisition | 433,888 | A$2.30 | $997,075 |
| Mar 19 2025 | Damien Leonard | Deputy Chair (L6) | Acquisition | 209,197 | A$2.24 | $468,601 |
| Early 2025 | Matthew Quinn | Chairman | Acquisition | 200,000 | A$0.63 | $127,000 |
Substantial Holders
Pinetree / L6 Holdings Context
L6 Holdings is a Leonard family vehicle (Mark Leonard of Constellation Software). Pinetree Capital is led by Damien Leonard (Mark Leonard's son). Combined activist ownership reached ~40% at peak. Shezad Okhai (former Pinetree CIO) served as Bravura interim CEO (Apr–Dec 2025). The activist playbook — cost cuts, pricing increases, operational efficiency — is core to Bravura's current compensation philosophy.
Executive Compensation
Incentive Structure Note
Greenhill's incentive is a unified plan (not a separate STI/LTI split). Payouts are determined by the BQR formula + personal performance factor, paid in a mix of cash and shares. Shares are subject to a 4-year trading restriction in equal tranches. The 1.6M sign-on options vest 25% each at years 2, 3, 4, and 5.
| Period | FR | Total | Note |
|---|---|---|---|
| Jun 2023–Jun 2024 | A$750,000 | ~A$1.0M | First year; restructuring |
| Jul 2024–Apr 2025 | A$750,000 | ~A$1.2M | Turnaround results; departed Apr 2025 |
Russell to IRESS
Andrew Russell departed Bravura in April 2025 and subsequently became CEO of IRESS, with A$950K+ base and 150% STI + 150% LTI potential (~A$3.8M total), plus an STI range and sign-on share buyout. This 2.5x+ compensation uplift highlights the competitive pay gap for Bravura's executive talent.
| Role | Person | Base (est.) | Variable | Methodology | Confidence |
|---|---|---|---|---|---|
| CEO EMEA | Chris Spencer | £220K–£270K (est.) | STI + equity | 1.3–1.6× UK Director median (£170K) | Medium |
| CEO APAC | Paul Dunn | A$300K–£400K (est.) | STI + equity | BV8 band range anchor | Low |
| MD Transfer Agency | Chris Biddick | £180K–£240K (est.) | STI + equity | Title-verified as MD, not CEO; UK Director+ range | Medium |
| Country Head India | Greg Soares | ₹45L–₹110L (est.) | STI + equity | 1.5–2.0× India Director/Head band (₹30–55L) | Low |
Estimation Methodology
- AU BV8 base range: A$300–450K · UK Director median: £170K (range £140–£200K)
- India Director/Head: ₹30–55L · Regional CEO multiplier: 1.3–1.6× local Director median
- India Country Head: 1.5–2.0× India Director/Head band
- "High" = filings-based · "Medium" = internal band-anchored · "Low" = market data only
Senior Leadership Compensation
Bravura's executive comp is modest vs ASX peers. The 2024 AGM first strike (57.96% against remuneration report) is creating pressure to redesign executive pay structures under new Chairman Russell Baskerville.
CEO Pay Ratio (Estimated)
- CEO (Andrew Russell) total: ~A$1.5M | Median employee (est.): A$90K–A$110K
- Estimated ratio: ~14:1 to 17:1 — modest by ASX standards
- Note: Australian companies are not required to disclose this ratio
- Colin Greenhill's total (est.): A$1.5M–A$2M including STI + LTI
Benefits & Perks
Australia
India
Global & UK
- LinkedIn Learning — access for all employees globally
- DEI Programme — Award-winning (Large Employer of the Year, FT Adviser Diversity in Finance 2023)
- bWell Programme — Mental health initiative since 2021
- Employee Recognition — Awards and referral rewards
- Referral Bonus — Available for successful hires
- UK Pension — Employer contribution typically 5–8%
- UK Private Medical — Provided
- UK Holiday — 25 days + bank holidays (standard)
Performance & Pay Progression
Annual review cycle aligned with FY end (June 30). Employee feedback suggests limited career paths and constrained hikes during the 2023–2025 restructuring period.
Promotion Timeline & Hike
Annual Increments by Region
Glassdoor Ratings
Employee Sentiment
Comp & benefits rating declined 11% in 12 months. Career opportunities scored lowest (2.6/5). Common complaints: "old technology", "limited career paths", "salary hikes less during appraisal".
Key Nuances & Insights
Pinetree Capital/L6 Holdings (Leonard family, linked to Constellation Software) hold ~22% and drove operational transformation. The activist playbook — cost cuts, pricing increases, operational efficiency — is core to Bravura's current compensation culture. This means lean headcount, performance-focused pay, and restrained base salary growth.
From Tony Klim to Nick Parsons to Libby Roy to Andrew Russell to Colin Greenhill (2021–2026). This leadership turbulence creates strategic discontinuity. Andrew Russell's departure to IRESS (at 2.5x+ compensation) highlights competitive pay gaps and the difficulty of retaining executive talent at Bravura's compensation levels.
The UK is Bravura's largest market, which is why Colin Greenhill is London-based. This creates an interesting dynamic: the CEO is paid in GBP while the company is ASX-listed in AUD. UK roles may carry more strategic weight and compensation premium than equivalent Australian positions.
The 2024 AGM saw 57.96% vote against the remuneration report — a 'first strike' under Australian corporate law. A first strike signals deep shareholder dissatisfaction and creates formal pressure to redesign remuneration frameworks. A second strike (if repeated) would trigger a board spill vote. The board is expected to overhaul executive pay structures under new Chairman Russell Baskerville.
Employee reviews highlight 'old technology' (Java/Oracle legacy stack) as a significant concern. Glassdoor reviews note 'developers do not have scope for the future.' This creates a compensation challenge: Bravura must pay market rates but may struggle to attract top talent due to tech stack reputation. Sonata Alta (modern platform) may change this over time.
The Gurugram office offers free food and cab services (noted in 11 Glassdoor reviews). India salaries are competitive for local fintech but below top-tier IT companies. The 3.5–4.0x India-to-Australia pay arbitrage makes India a cost-effective delivery centre. Annual increments of 8–9% are above Australian norms.
From A$214K (FY24) to A$279K (H1 FY26 annualized) — a 30% increase driven by headcount cuts. This productivity gain is impressive but raises sustainability concerns: remaining employees may be stretched, contributing to the low business outlook rating (26% positive on Glassdoor).
Reported FY25 revenue of A$318M includes a one-off Fidelity perpetual licence sale. Underlying revenue (ex-Fidelity) was A$257M, representing modest +3.1% YoY growth. Similarly, reported NPAT of A$74.2M compares to underlying NPAT of A$24.4M. This distinction matters for bonus pool expectations and sustainable growth assessment.
Top 20 customers generate ~80% of revenue. Three material customer departures have been disclosed. This concentration risk means a single customer loss can materially affect company performance, STI pools, and job security — creating a cautious compensation culture.
The resumption of dividends in FY26 (interim 5.77c + special 4.46c) after years of suspension signals financial stability. This may precede improvements in employee compensation practices as the company exits crisis mode and shifts focus from cost cutting to growth and talent retention.