£26m pay day for fund manager

THE founder of investment firm Tatton Asset Management is set for a £26m payday when the business goes public.

Paul Hogarth set up the business in 2007 to work with financial advisers and has since grown it into a fund manager overseeing more than £4bn of cash.

The 57-year-old and his family are selling shares worth £26.4m, but he will retain a 19pc stake

Hogarth, a married father of three who lives in Cheshire, is staying on as chief executive.

The £87.2m listing will trigger a payday for 130 financial advisers who own stakes. Around 63.5pc of the business is being floated, raising £10m to spend on growth.

Another £41.6m will be pocketed by selling shareholders.

Sources close to the company said it wants to challenge established high-end fund managers.