The top three executives at GLG Partners, until recently Europe’s biggest hedge fund, have cut their salaries to $1 as the global financial turmoil puts pressure on senior managers to waive their pay.

Noam Gottesmann and Pierre Lagrange, the “G” and “L” in GLG, and Manny Roman, co-chief executive with Mr Gottesmann, said in a regulatory filing that they had agreed to take $1 in salary from April to the end of the year.