Bonanza in the tens of millions adds to City chief’s £380 million
HE hates the limelight and any mention of his pay. But Stephen Butt, one of the City’s richest men, continues to add to his estimated £380million wealth as business booms at leading asset management company Silchester International Investors, the company he founded in 1994.
Mayfair-based Silchester specialises in being a long-term investor in undervalued companies and it has £21.7billion in assets including stakes in supermarket chain Morrisons, retailer Smiths News and Argos owner Home Retail Group.
Accounts just filed show that profits before tax increased from £106million to £130million in the year to March 31, 2013 and £83million was distributed among its 14 members.
As Butt, 63, along with his wife Caroline, also owns 51.6 per cent of Silchester International Investors’s parent company Silchester Partners, he would be entitled to the lion’s share, as well as half the £30million paid out in dividends to Silchester Partners shareholders and a share in the directors’ £10million salary pot.